Hyderabad: The saga of the multi million-dollar scam of Hyderabad based Satyam Computers company is back in focus with a Civil Court stopping Netflix from airing the 'Bad Boy Billionaire' series based on the real life story of Byrraju Ramalinga Raju, founder of the company.
The 25th additional Chief Judge of Hyderabad City Civil Court issued the order restraining Netflix from airing the series on a petition filed by Raju.
Raju, the main character in a massive scam in one of the biggest Indian IT companies, had filed a petition challenging the release of the web series on the ground that it was a violation of his right to privacy.
While the series had portrayed Raju as a scamster and a guilty of fraud, Raju contended that the case was still pending as he had challenged his conviction in the higher court.
Fraud and greed
Niranjan Reddy, a senior counsel, representing Raju said, “as the matter was pending in appeal state, the makers of the series can not use words like fraud and greed against Raju and conclude that he was guilty”.
It may be recalled that in 2015, lower court had found Raju and his brother Rama and 9 others guilty of corporate fraud and sentenced them to seven years imprisonment. The court also imposed a fine of Rs 55 million on both the brothers.
In one of the biggest financial scams, Raju was arrested in January 2009 on the charges of cooking up the accounts book, falsifying and manipulating the record with the help of his chartered accountants and other members of the management. Before his arrest he had issued a confessional statement admitting to the fraud and confessed to manipulating the accounts of Rs 70 billion.
Verge of bankruptcy
As the painstaking investigations by the Central Bureau of Investigation continued and Raju was lodged in Chanchalguda jail of Hyderabad, Satyam Computers had reached the verge of bankruptcy and closure. However keeping in view the interest of about 44,000 employees of the company, the government of India intervened and constituted a Board of Directors comprising of independent experts to ensure company’s survival till it was taken over by Tech Mahindra, another Pune based IT company of Industrial tycoon Anand Mahindra.
Raju spent 17 long months in Hyderabad jail before a court released him on bail on health grounds in 2010.
Hailing form Bhimavaram in Andhra Pradesh, he had founded Satyam Computers in 1987, when the IT industry in India was in an incubation face and built an enormous global reputation as an IT entrepreneur.
Now 66, he is believed to be suffering from liver diseases and other health problems and spends most of his time at home in Hyderabad.