From Scandals to Standards: The Evolution of Corporate Governance
The Satyam scandal, one of India’s largest corporate frauds, erupted in January 2009 when Ramalinga Raju, the founder and then-chairman of Satyam Computer Services, confessed to manipulating the company’s financial statements. Over several years, Raju and his associates falsified revenue, profit, and asset figures, inflating the company’s financial health to deceive investors, auditors, and regulators. The fraudulent activities amounted to about $1.5 billion.