Ramalinga Raju, founder and former chairman of Satyam Computers, admitted to inflating the IT company's accounts by over $1 billion. He resigned in January 2009 after the massive accounting fraud came to light, in what was considered India's biggest corporate scandal. The government launched an investigation and appointed a new board to stabilize the company and find a buyer, with Tech Mahindra eventually acquiring Satyam to save its over 50,000 jobs. While the scandal severely damaged India's reputation in the global IT industry, the company's takeover marked the end of the Satyam saga.