Setting up Satyam Computer Services Limited in the year 1987 in the city of Hyderabad in India, Ramalinga Raju Byrraju emerged on the Indian business scene as the pioneer of Information Technology industry. He had started this company in collaboration with DVS Raju, his brother-in-law.
About Ramalinga Raju and His Life before Satyam Scam
On 16th September 1954 in the small town of Bhimavaram in Hyderabad, Ramalinga was born to Satyanarayan Raju, after whom the company 'Satyam' was so named. He was married to Nandini with two sons Teja and Ramu.
Ramalinga completed his graduation in commerce in the year 1975 from Andhra Loyola College in Vijayawada. Later, he went to the USA to do MBA from Ohio University.
In the year 1977, Raju returned to India and started a textile business. His company was named Sri Satyam. After this, he forayed into real estate sector with introducing Satyam Constructions. His capabilities and intelligence got him going and enabled him to come up with yet another venture - this time in IT sector. He opened Satyam Infoway or Sify. Established in the year 1992, this venture soon took over the Indian IT market with surprise.
An avid lover of books related to philosophy, science and management, Ramalinga Raju has also been entitled to an array of prestigious awards, including;
A Short Account on Satyam Scam
Ramalinga Raju was given the Ernst & Young Entrepreneur of the Year 2007 award and Golden Peacock Award for Corporate Governance 2008, which were later revoked in the wake of his involvement in the Satyam scam. Raju gave resignation from the post of Chairman in the company on January 7, 2009 admitting that he had fudged the account figures and inflated gains over many years. He maneuvered a scam to the tune of Rs. 7,000-crore in order to hide the status of the company's poor performance during the quarter and with time, the amount of fraud grew to up to 14,000 crore.
Ramalinga Raju's Life after Satyam Scam
The Indian market was jolted when the Satyam fraud case came into light with Mr. Raju confessing that he was involved in the scam and that "It was like riding a tiger, not knowing how to get off without being eaten." He wrote a letter to the board members and said "I am now prepared to subject myself to the laws of the land and face consequences thereof".
After this, Ramalinga Raju was sent to Chanchalguda Central jail. Initially, he was treated as an ordinary prisoner. But, following the court order, he was given the special class prisoner status. At present, he is undergoing an investigation procedure conducted by the Multi Disciplinary Investigation team. This team is led by the Central Bureau of Investigation (CBI).
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