Reported: Satyam Computer Services SAY (Company)
Compiled by ScamMarketCap from public recordsHappened Jan 7, 2009India
Satyam Computer Services, once India's fourth-largest software services company, was pushed to the brink of collapse in January 2009 when founder and chairman Ramalinga Raju admitted in a letter that its profits had been overstated for years. The SEC later said senior officials had used more than 6,000 fake invoices and forged bank statements to create more than $1 billion in cash and related balances that did not exist. Tech Mahindra bought the company at auction later that year.
In April 2015 a court in Hyderabad convicted Raju, his brother B. Rama Raju and eight others of criminal conspiracy, cheating and falsifying accounts, among other charges, and sentenced them to seven years in prison. A month later a sessions court suspended the sentences and granted them bail pending appeal.
In 2011 Satyam agreed to pay a $10 million penalty to settle SEC fraud charges, without admitting or denying them. That year a US court approved class-action settlements of $125 million from Satyam and $25.5 million from affiliates of its former auditor, PwC.
This case file is compiled from public records and established reporting. Status as of the last update, Nov 1, 2026.
Case files summarize court records, regulator actions and established reporting.
Did this happen to you too? Share what you know: dates, amounts, names used, websites and wallet addresses.
to comment. It takes one email.
Case files summarize court records, regulator actions and established reporting.
Sign in to add yourself. Only the totals are public.
Comments
Did this happen to you too? Share what you know: dates, amounts, names used, websites and wallet addresses.