South Asia

Satyam chief Raju freed on bail

Ramalinga Raju
Image caption Ramalinga Raju is allegedly a central figure in the massive corporate scandal dubbed "India's Enron"

The founder of Indian software services giant Satyam Computers, who has been accused of staging India's biggest corporate fraud, has been granted bail.

A court in the southern city of Hyderabad ordered Ramalinga Raju to pay a bond of 4m rupees ($86,000; £55,000).

Mr Raju, who was arrested last January, is being treated for hepatitis at a hospital in Hyderabad.

He and eight others are accused of stealing millions of dollars from Satyam.

'Riding a tiger'

He faces charges including conspiracy, cheating and forgery, and admitted in January last year to years of accounting malpractices.

"It was like riding a tiger, not knowing how to get off without being eaten," he wrote in a letter of confession.

Mr Raju was ordered on Wednesday to appear before the court once discharged from the hospital, where he has been since September last year.

Satyam was one of the biggest players in the booming Indian IT software market. An Indian firm, Tech Mahindra, bought a controlling stake in the IT company in April 2009.

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