By Nivedita Bhattacharjee MUMBAI (Reuters) - The founder of Satyam Computer Services, once India's fourth-largest software services firm, was sentenced to seven years in prison after being found guilty in an accounting fraud case that ranks as the country's biggest. A court in the southern Indian city of Hyderabad, where Satyam was based, on Thursday pronounced Ramalinga Raju, a management graduate from Ohio University who founded Satyam in 1987, guilty of forging documents and falsifying accounts. Raju admitted in January 2009 in a five-page letter that Satyam's profits had been overstated for years and assets falsified in a fraud allegedly worth over $1.5 billion, bringing the company to the brink of collapse. Satyam, which in Sanskrit means "truth", was sold the same year to the smaller Indian rival Tech Mahindra Ltd in an auction.
via Tech News Headlines - Yahoo News http://news.yahoo.com/indias-satyam-founder-sentenced-seven-years-jail-fraud-122315300--sector.html
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