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Updated: June 26, 2014 14:51 IST

Satyam case: Court to pronounce date of verdict on July 28

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Former chairman of Satyam Computers B. Ramalinga Raju
The Hindu Former chairman of Satyam Computers B. Ramalinga Raju

A special court trying the case of multi-crore rupee accounting fraud in erstwhile Satyam Computer Services Limited (SCSL) on Thursday said it will pronounce the date of verdict on July 28.

Special judge B.V.L.N. Chakravarthi of XXI court of Additional Chief Metropolitan Magistrate (ACMM) in Hyderabad posted the matter to July 28 for giving the date for pronouncement of judgement in the case, CBI’s special Public Prosecutor K. Venu Madhav said.

The court also gave a direction that all the ten accused in the case, including prime accused Satyam Computers founder and former chairman B. Ramalinga Raju, should appear before it on that date, the CBI’s counsel said.

All the ten accused attended the court proceedings. However, media persons were not allowed inside the court hall.

Touted as the country’s biggest accounting fraud, the scam came to light on January 7, 2009, after Ramalinga Raju allegedly confessed to manipulating his company’s account books and inflating profits over many years to the tune of several crores of rupees.

Mr. Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.

In February that year, CBI took over the investigation and filed three charge sheets (on April 7, 2009, November 24, 2009 and January 7, 2010), which were later clubbed into one.

Mr. Raju and others were charged with offences ranging from cheating, criminal conspiracy, forgery, breach of trust under relevant sections of IPC by way of inflating invoices and incomes, account falsification, faking fixed deposits, besides allegedly falsifying returns through violation of various IT laws.

During the trial, the CBI alleged that the scam caused a loss of Rs. 14,000 crore to Satyam shareholders, while the defence countered the charges saying the accused were not responsible for the fraud and all the documents filed by the central agency relating to the case were fabricated and not according to law.

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