Ramalinga Raju Resigns Satyam Board; Admits Huge Accounting Fraud

In an massive blow to India corporate world, Satyam Computer Services Ltd head B Ramalinga Raju resigned on Wednesday, disclosing profits had been falsely inflated for years, sending its shares crashing nearly 80 per cent.

Raju said he or the company’s MD did not take “even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results.”