In the year 1987, B Ramalinga Raju and his brother-in-law started an IT firm called Satyam computer in Hyderabad. After this in the year 1991-92 Satyam computer listed in Bombay Stock Exchange (BSE) and in the year 2001, this proficient IT company listed in New York Stock Exchange (NYSE). Satyam computer was one of the fastest growing companies in India at that time and for that B Ramalinga Raju and his company, Satyam computer got many awards.
On that same era, real estate business was also a success mantra-like today, which somehow gains B Ramalinga Raju attention. So in result, B Ramalinga Raju started buying properties (in landforms) aggressively in Hyderabad and in many more places on the name of himself, his family members and on two different companies named Maytas Infrastructures and Maytas Properties built around 1998. In this so-called aggressive property buying path, B Ramalinga Raju started manipulating Satyam computer's financial statement by showing a fake profit. Because of this fake profit and fake financial
status, the share price of Satyam computer was started growing, In this so-called proficient scenario B Ramalinga Raju and his brother B Rama Raju started selling some of their shares and the remaining shares they pledged as securities started taking loans and from that money B Ramalinga Raju again started buying property. In this whole drama B Ramalinga Raju almost opened 365 companies and he bought properties on the names of those persons who were working as a director in those companies.
He did all these things so that he can sell those properties later in higher rates and can make a huge profit, but as time goes the difference between fake profit and the actual profit were became a headache for B Ramalinga Raju because he was the only one who knew the reality.
Might be he could fix all the mess he created in greed but the sudden strike of recession in the year 2008 did not gave B Ramalinga Raju a chance to make this all good.
The result of greed, extempore.
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