By nagesh on
January 10th, 2009
“Satyam” Ramalinga Raju has at last been declared “420,” a figure which is normally mentioned in the case of cheaters and frauds.
The police, which formally arrested Ramalinga Raju and his brother Rama Raju, filed cases against them under Indian Penal Code section 420 for cheating the investors and clients with fraudulent accounts and forged documents.
Apart from this section, cases were also filed under IPC sections 120b (Criminal conspiracy), 409 (misuse of funds), 417 (falsification of records) and 468 (forgery). If proven guilty, Rajus would have to face imprisonment ranging from seven years to life sentence.
The Rajus would be produced in the court on Saturday and would be sent to judicial custory for two weeks. However, Ramalinga Raju is likely to avoid going behind the bars, as he has already complained of chest pain. Doctors from Care Hospitals have been summoned to the DGP office, where Raju surrendered to the police, to provide him medical assistance. “We will request for hospitalization, once the legal procedure is followed,” his lawyer Bharat Kumar said.
Categories: Business, General, Headlines
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