Ramalinga Raju

Byrraju Ramalinga Raju, the former chairman  and founder of Satyam Computers, is sure to be remembered in the history of India's corporates. But not as the entrepreneur he would have liked. Instead Raju will be known as the perpetrator of one of the biggest frauds in corporate India.Ramalinga Raju, 56,  belongs to a family of farmers from Bhimavaram near the Andhra Pradesh city of Vijayawada. An ambitious boy, he completed his MBA from Ohio University  and dreamt of becoming a successful entrepreneur.  Success wasn't too far. In 1987 he founded Satyam Computers and began offering software solutions to international clients abroad, a relatively new profession at the time. In 1991, he listen the firm on the Bombay stock Exchange and raised money through a shares sale.[caption id="attachment_73381" align="alignleft" width="380" caption="Founder and Former Chairman of fraud-hit Satyam Computers B. Ramalinga Raju"][/caption]It took the man over two decades to be knows as the poster boy of India's IT sector, but less than two weeks to commit a fraud so massive, that it was termed as India's Enron.  He admitted to an accounting fraud to the tune of Rs 7,000 crore and resigned from the Satyam board in January 2009. In an emotionally-charged letter, Raju described to his employees how a small discrepancy had mushroomed into a huge financial scandal. "It was like riding a tiger, not knowing how to get off without being eaten."Raju said he had regularly falsified Satyam’s accounts as the company expanded from a small family-run firm into a back office giant with 53,000 workers in 66 countries. Most of the company's assets were fictitious. Of the Rs 5361 crore  cash reflected in the books, Rs 5,040 crore were non-existent.Raju and his brother, B Rama Raju, the then managing director at Satyam,  were then arrested by the Andhra Pradesh police on charges of breach of trust, conspiracy, cheating, falsification of records.After being held in Hyderabad's Chanchalguda jail on charges including cheating, embezzlement and insider trading, Raju was granted bail on 18 August 2010.Raju was hospitalised in September 2009 following a minor heart attack and underwent angioplasty. Raju was granted bail on condition that he should report to the local police station once a day and that he shouldn't attempt to tamper with the current evidence. This bail was revoked on 26 October 2010 by the Supreme Court of India and he was ordered to surrender by 8 November 2010.On 30 August 2011, the Andhra Pradesh high court rejected Raju's bail plea once again.What you don't know about Raju• He's a major foodie and loves spicy Andhra meals and Thai food•  Loves reading science fiction• Favorite authors include Isaac Asimov and Arthur C Clarke•  His father, who was a farmer in Bhimavaram, inspired Raju to start Satyam• He wanted a part-time teaching job  at the Administrative Staff College of India• Raju preferred  executives and associates who spoke the same language he did: Telugu.