SEBI has given a huge shock to Satyam Ramalinga Raju. The Stock Exchange Board Of India (SEBI) has issued a notification to Raju saying that he must return the amount of Rs 1849 crore he had accrued by earning through illegal means in the past 14 years.
The SEBI had also identified four other people apart from Ramalinga Raju in the case. They have been asked to return the amount within a period of 45 days and it is being hailed as a one-of-its kind notification in India.
Though there were people like Harshad Mehta who were embroiled in similar controversies, Ramalinga Raju had outdone all by being involved in country’s biggest corporate fraud. The others named in the notification include B Rama Raju (then managing director of Satyam), Vadlamani Srinivas (ex-CFO), G Ramakrishna (ex-vice president) and VS Prabhakara Gupta (ex-head of Internal Audit).
In its 65-page order, SEBI said that all the five mentioned in the case “have committed a sophisticated white collar financial fraud with pre-meditated and well thought of plan and deliberate design for personal gains and to the detriment of the company and investors in its securities”.
It is a known fact that Ramalinga Raju was jailed for three and half years after being accused in the case in the past.
