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This is an archive article published on August 18, 2010

Satyam’s Ramalinga Raju gets bail

Key Satyam Computers fraud accused Ramalinga Raju granted bail by Andhra Pradesh High Court.

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The Andhra Pradesh High Court on Wednesday granted bail to former chairman and founder of Satyam Computer Services Ramalinga Raju in a case of accounting fraud that turned out to be India’s biggest corporate scandal.

Raju,a management graduate from Ohio University who founded Satyam in 1987,shocked investors in January 2009 when he said profits of the company had been overstated for years and assets were falsified. He has been in police custody since the revelation.

Raju’s lawyer was not immediately available for comment.

In April,the CBI said it had filed charges against nine people including Raju for alleged involvement in accounting fraud at the outsourcing firm.

The charges include criminal conspiracy,cheating and forgery and falsification of accounts,the Central Bureau of Investigation had said.

Five former Satyam officials were also granted bail in July. Those included former managing director B. Rama Raju and former finance chief Vadlamani Srinivas.

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