The information technology industry has been putting designer shirts on the backs of thousands of young Indian executives for years, but now one of the sector’s high flyers has crashed and burned.
Ramalinga Raju has resigned as the chairman of Satyam, the fourth biggest software firm in India.
Mr Raju has admitted he overstated the company’s cash and bank balances by almost $1.4 billion.
Ironically, the company’s name means truth in Sanskrit. The size of the fraud has sent shudders through the Indian financial world, and is being described as India’s version of the Enron collapse.
Source: abc.net.au
