Indian to pay $52 m in fraud case

An Indian-origin former chief executive found guilty in an accounting fraud will have to pay about US$ 52 million over two years to the victims, a media report said.

Sanjay Kumar, former chief executive of Computer Associates, scheduled to begin serving a 12-year prison term this month, is liable to pay US$ 800 million under a restitution agreement cleared by a US judge on Friday.

However, he will actually pay about US$ 52 million the majority of his and his family’s assets. In addition, Kumar has been fined US$ 8 million.

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Most of the remaining restitution will probably never be paid.

The company, now called CA Inc, has offices across the world, including India.