In a Child abuse story, there are 3 players: The Perpetrator of abuse, The Silent (people who are aware and dont intervene) and the Victim. It is to be noted that by law, the perpetrator and Silent (by acts of omission or comission) are GUILTY of the crime.
Similarly, in the case of the fraud, The Perpetrator is Ramalingam Raju and The Silent accomplices of the crime are the Board of Directors. They are as guilty as hell, because they have taken a responsibility upon themselves to safeguard the interests of the shareholders. They should also be packed into jail for 7 years with no bail. The psychological and social impact of this massive scam, on the thousands of shareholders cannot be assessed.