January 2016 marks the seventh anniversary of India's largest financial statement fraud at Satyam Computer Services Limited. At the center of the fraud was the well-known entrepreneur and chairman of Satyam, B. Ramalinga Raju, who confessed that he had manipulated Satyam’s financial statements. In April 2015, a special Central Bureau of Investigation court sentenced Raju to seven years in jail.
In the seven years since the Satyam fraud, substantial developments have taken place that have impacted the overall financial crime environment in India. In the following article, Dhruv Phophalia and Kalpesh Mehta examine key developments in the areas of corporate governance, technology, cybercrime, intellectual property theft, banking sector regulations, class action suits and greater auditor independence that affect the manner in which companies do business in India.
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