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India charges nine over $1bn Satyam fraud

India's Central Bureau of Investigation (CBI) has indicted nine people in connection with an alleged $1 billion accounting fraud at IT outsourcing specialist Satyam.

The 300-page charge sheet names former Satyam chairman B Ramalinga Raju, as well as his brother and the company's ex-managing director, Rama Raju.

In January, Satyam's then-chairman had reportedly admitted the accounting fraud, saying he had wildly inflated the company's profitability and assets until the scheme had reached "unmanageable proportions".

Others charged in the CBI lawsuit include Satyam's chief financial officer at the time, Vadlamani Srinivas, as well as two former company auditors - S. Gopalakrishnan and Talluri Srinivas.

The defendants are accused of offences including criminal conspiracy, forgery for the purposes of cheating, falsification of accounts and causing the disappearance of evidence.

In all, the charge sheet cited 433 witnesses and 1,532 documents.

Earlier this month, the Business Standard reported that up to 300 Satyam staff employed on a project for Merrill Lynch when the alleged fraud was uncovered would be transferring to Bank of America.