In 2009, Satyam Computer Services’s chairman Ramalinga Raju has confessed that the company’s book of accounts has been falsified and he had manipulated the accounts by Rs 14262 crore (USD 1.47 billion). On December 2014, Hyderabad Court sentenced Satyam founder B Ramalinga Raju and his brother Rama Raju to 6 months in jail and imposed a fine of Rs 5 lakhs on each of … [Read more...] about World’s 8 biggest corporate scandals of all time
Bernard Lawrence Madoff (Bernie)
What is Ponzi scheme and how Ponzi Scheme works
Ponzi Scheme is designed to convince investors to place their hard earned money into a fraudulent investments scheme to get higher returns in future with little or no risk. Ponzi Scheme are generally designed in such a way that they will gather all relevant funds from the new investors and then distribute them to the old existing investors for whom payment was due. This … [Read more...] about What is Ponzi scheme and how Ponzi Scheme works