Ramalinga Raju released on bail

B Ramalinga Raju, founder of Satyam Computer Services (now Mahindra Satyam), his brother Rama Raju and the company’s former chief financial officer, Srinivas Vadlamani, were on Saturday released on bail from the Chanchalguda Central Prison here.

The trio, responsible for a massive accounting fraud at the software firm, was in jail for nearly three years. Ramalinga Raju and his brother were arrested on January 9, 2009, while Vadlamani was arrested the following day.

The Supreme Court had yesterday granted bail to the three on the condition that furnish a personal bond of Rs 2 lakh each, with two sureties of the same amount. Their lawyers furnished the bonds here on Saturday, after which they were released.

With their release, all the 10 accused in what is considered the biggest corporate fraud in the country are now out of jail. While five other accused were granted bail by the apex court on October 12, two were granted bail by different courts earlier.

They were charged under sections 120 (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), 467 (forgery of valuable security), 468 (forgery), 471 (forgery for cheating), 471 A (falsification of records) and 201 (causing disappearance of evidence) of the Indian Penal Code.