Satyam Computer Services Ltd. Chairman Ramalinga Raju was arrested on Friday by Indian authorities, two days after he resigned and admitted he falsified the company's profits for several years for up to $1 billion fraud.
Authorities also arrested Raju's brother Rama and both were detained on charges including forgery, breach of trust and criminal conspiracy, Inspector General V.S.K Kaumudi told reporters according to Bloomberg.
The Indian Government is investigating the case which has turned into the country’s largest corporate scandal ever.
The government is committed to punish everyone found guilty, including the auditors, Corporate Affairs Minister Prem Chand Gupta said according to Bloomberg.
Satyam's CEO Ramalinga Raju resigned on Wednesday confessing that the software maker's profits had been falsely inflated for several years. About $1 billion, or 94 percent of the cash and bank balances on the company's books did not exist.