Brass Neck

India's Turn to be Rocked by a Swindler

An award winning Indian businessman who pioneered the outsourcing of American jobs to rural communities in India has candidly admitted to colleagues in a multiple page document exactly how he has been doctoring his company’s books for years. The maverick proprietor and founder of Satyam Computer Services, B. Ramalinga Raju, called his friend and colleague Utla Balaji, chief executive of one of Raju’s many charities, and told him "he was sorry things happened this way, and we would continue our work transforming rural India.” Raju wrote to colleagues, “It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice.” He then provided chapter and verse of how he committed the fraud. Raju repeatedly won national and international awards for leadership, entrepreneurship, and corporate responsibility.