Agencies reported that Satyam founder B Ramalina Raju, his two brothers and seven others were sentenced to seven years in jail by a special CBI court in Hyderabad today for their role in the Rs 7,000 crore Satyam accounting fraud.

Raju and his brother B Rama Raju were also fined Rs 5 crore, with fines of Rs 20 to 25 lakh on the other co-defendants.

SNG & Partners managing partner Rajesh Narain Gupta, who is not directly involved in the case, commented: “Satyam is an exemplary case where the Government of India through department of company affairs intervened and ensured that the Company did not fail and become bankrupt due to the fraud perpetuated by the promoters. The judgment given by the Court will have far reaching consequences in checking corporate frauds and shall also act as a severe deterrent.”