Indian government files charges in Satyam scandal

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Indian government files charges in Satyam scandal

The Indian government has officially filed charges against nine individuals believed to be connected to the accounting scandal at outsourcing firm Satyam.

The country's Central Bureau of Investigation issued a statement on Tuesday announcing that it would be filing multiple charges against those accused of involvement in the fraud.

Among those charged are brothers Rama and Ramalinga Raju, co-founders of the company. Ramalinga Raju was serving as chairman when the US$1bn fraud was first exposed.

Two auditors and an adviser, who are said to have conspired with Satyam executives to overstate the company's earnings, have also been charged.

The charges will include counts of cheating, criminal conspiracy, forgery of accounts and destruction of evidence.

The move is the latest in a saga which first came to light in January. Initially causing the company's stock to plummet, the scandal raised calls for tougher regulation in the industry.

Last month, Satyam was rumoured to be in talks with IBM over a possible acquisition.

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