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Raju confesses to fraud, quits

Disclosure after DSP Merrill Lynch discovers irregularities; Company sets up SWAT team. In one of the darkest days in India’s corporate history, Satyam Computer Services Founder and Chairman B Ramalinga Raju resigned after saying he falsified earnings and assets. The revelation comes soon after Raju was forced to reverse a decision to invest almost Rs 8,000 crore in two other promoter-owned infrastructure and property companies mid-December, following strong shareholder protests. The company has been in crisis since, after four independent directors resigned from Satyam’s board ...