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HYDERABAD - In a development that sent shockwaves through India Inc., the chairman of one of the country's top IT companies, Satyam Computer, Wednesday admitted to a Rs.65.92-billion (Rs.6,592-crore) fraud and sent its stock crashing.
HYDERABAD/NEW DELHI - The Andhra Pradesh government Wednesday ordered a preliminary inquiry by the crime branch of the police into a financial fraud by IT major Satyam Computers.
HYDERABAD - B. Ramalinga Raju, who Wednesday morning shocked the corporate India by confessing to a Rs.65.92-billion ($1.3 billion) fraud in Satyam Computers, may face up to seven years' imprisonment if proven guilty, legal experts said.
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