New Delhi ( CNN ) An Indian software pioneer and nine others have been sentenced to seven years in jail for their role in what has been dubbed India 's biggest corporate scandal in memory , police said . Ramalinga Raju , the former chairman of software services exporter Satyam Computers Services , was also fined $ 804,000 , R.K. Gaur , a spokesman for India 's Central Bureau of Investigation , told CNN . In 2009 , Satyam Computers Services was at the center of a massive $ 1.6 billion fraud case after its then-chairman Raju admitted inflating profits with fictitious assets and nonexistent cash . Investigators say losses to investors resulting from the company 's book manipulation were much higher . A special court convicted Raju and nine other people of cheating , criminal conspiracy , breach of public trust and other charges , said the Central Bureau of Investigation , which looked into the case . In the media , the case has been compared to the 2001 Enron Corp. scandal , in which a Houston energy company 's earnings had been overstated by several hundred million dollars . When the scam made headlines , Satyam , which means `` truth '' in Sanskrit , was India 's fourth-largest software services provider . It was serving almost 700 companies , including 185 Fortune 500 companies , and generated more than half of its revenue from the United States . The company had about 53,000 employees and operated in 65 countries . After Raju 's shock disclosures six years ago , the Indian government fired Satyam 's board . In a subsequent state-backed auction , the company was bought by Tech Mahindra , part of the country 's Mahindra Group . A heavyweight of the nation 's software industry , Raju , 60 , has been in jail for the past 32 months . He had founded Satyam in 1987 . His company made giant strides as the outsourcing business grew in India in the 1990s .
India Computers Services was at the center of a massive $ 1.6 billion fraud case in 2009 . The software services exporter 's chairman , Ramalinga Raju , admitted inflating profits . India had been Satyam 's fourth-largest software services provider .