Raju implicated in ‘India’s Enron’

- WatersTechnology Staff
- 01 Feb 2009

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Prosecutor Ajay Kumar told the court that Raju drastically inflated the number of employees from the actual figure of 43,000 to 53,000, and drew $4 million a month in the name of these 10,000 non-existent employees. The prosecutor said Raju diverted the funds from the company to accounts belonging to his mother, Appalanarasimha Raju, and brother, Suryanarayana Raju, and also improperly transferred Satyam shares to family members. Most of the money was used to buy several thousands of acres of

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