Former Satyam Chairman Arrested
By Omer Farooq
Hyderabad, India -- Indian police on Friday arrested B. Ramalinga Raju, the founder and former chairman of beleaguered outsourcing giant Satyam Computer (SAY Quote), days after he admitted he doctored the company's accounts to the tune of $1 billion.
Satyam's balance sheets were riddled with "fictitious" assets and "nonexistent" cash that could no longer be concealed after a deal intended to save the struggling company was abandoned, Raju admitted Wednesday in a letter to the company's board.
Raju and his brother, former managing director B. Rama Raju were arrested in the southern city of Hyderabad, according to S.S. Yadav, the top police official of Andhra Pradesh state where the company is headquartered. Hyderabad is the capital of Andhra Pradesh. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,366.15 | 1,099.92 | 2,173.14 | 33.80 |
Oil *
77.73
|
|
DOWN
86.53
|
DOWN
9.32
|
DOWN
11.89
|
UP
0.57
|
10 Yr
3.38%
SPDR Gold
118.70
|
|
-0.83%
|
-0.84%
|
-0.54%
|
+1.72%
|
Data delayed 20 minutes |
Connect with TheStreet