BUSINESS BRIEFING / LAW
From Times Wire Reports
Indian police arrested B. Ramalinga Raju, the founder and former chairman of beleaguered outsourcing giant Satyam Computer, days after he admitted he doctored the company’s accounts to the tune of $1 billion.
Satyam’s balance sheets were riddled with fictitious assets and nonexistent cash that could no longer be concealed after a deal intended to save the struggling company was abandoned, Raju admitted Wednesday in a letter to the company’s board.
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