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Ramalinga Raju and others to be Released on Bail

Ramalinga Raju and others to be Released on Bail

Satyam computers founder Ramalinga Raju and his 9 associates-who were found guilty of one of the biggest corporate frauds in India, were granted bail yesterday by a session court in Hyderabad. The bail for him has been set on basis of personal bonds and sureties amounting to one lakh each and they would be released from the Cherlapally jail where they are currently lodged. Ramalinga Raju along with his brother Rama Raju and a few others were found guilty in April of cheating and misappropriation of funds and were pronounced guilty after a prolonged trail. Their sentence is also being appealed in a higher court. Raju had created one of the biggest storms in Indian Industry-when he confessed on inflating the firm’s revenue figures to show it in a better position.

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