Outsourcing giant Satyam's chief Ramalinga Raju admits to posting fake profits for years. It is unclear how the fraud went undetected, but analysts don't expect an industry-wide fallout.
The son of farmers leaves his village behind, moves up from textile mills to real estate to IT outsourcing for multinational firms. He emerges as one of India's wealthiest and most famous entrepreneurs -- until he reveals that his empire was floating on an accounting lie and it all comes crashing down.
The U.S. has its Wall Street meltdown and the Bernard Madoff investment scandal. India has Ramalinga Raju, who appears to have perpetrated the nation's largest corporate scandal in recent memory.
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