Indian IT outsourcing company Satyam Computer Services (Satyam) listed on the Bombay Stock Exchange in 1991. In January 2009, the company's chairman wrote a letter to shareholders in which he admitted to inflating profits for several years. It transpired that the fraud had begun in April 1999 all the way through to September 2008. By the 2Q09, revenues were overstated by 22%, operating profits by 91% and net assets by 85%. In 2015, Raju and nine others were found guilty of fraud and sentenced to seven years jail. Satyam is a confirmed fraud.

Last updated February 2022  

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