Bad Boy Billionaires India Returns After 5 Years: Final Episode On Satyam Scam Now Streaming On Netflix

The long-delayed final episode of documentary series Bad Boy Billionaires India is now streaming on Netflix, closing a five-year legal tussle. Titled Riding the Tiger, the new chapter revisits the Satyam Computer Services accounting scandal and puts founder B. Ramalinga Raju back under the spotlight.

The Riding the Tiger episode follows the creation, rise and collapse of Satyam Computer Services, once a major Indian IT firm. Centred on Ramalinga Raju, the film tracks how reported profits differed from the company’s actual performance. The fourth and last episode is now available on Netflix for viewers worldwide.

Bad Boy Billionaires India and Netflix series overview

Bad Boy Billionaires India first arrived on Netflix in October 2020, with three investigative profiles. The series examined the financial dealings of Vijay Mallya, Nirav Modi and Subrata Roy. On its website, Netflix sums up the concept: "This investigative documentary series explores the greed, fraud and corruption that built up — and brought down — India's most infamous tycoons," outlining its focus on alleged corporate misconduct.

The fourth episode of Bad Boy Billionaires India, built around Ramalinga Raju, faced a different path. Before the show’s initial launch, a Hyderabad civil court granted an interim stay in September 2020. Raju argued that the documentary relied on "half-truths", which could harm reputation and affect ongoing legal proceedings linked to the Satyam case.

Bad Boy Billionaires India on Netflix: legal fight and Riding the Tiger

During the hearings, Netflix argued that Bad Boy Billionaires India drew information from material already available in the public domain. The platform said the series aimed to raise awareness about one of India’s biggest corporate fraud cases, according to a report by Hindustan Times. The stay meant viewers waited years for the final episode’s release.

Netflix promoted Riding the Tiger with a poster and a detailed caption. The streamer wrote: "After the success of IT company Satyam Computer Services, Ramalinga Raju's math didn't seem to be adding up. Watch the fourth episode of Bad Boy Billionaires: India, out now, only on Netflix." The note underlined the episode’s focus on discrepancies in Satyam’s books.

The Satyam fraud, often called "India's Enron", emerged when Ramalinga Raju admitted to manipulating accounts. Profits were overstated by more than ₹7,000 crore, investigators found. The case included around 13,000 non-existent employees and fabricated bank statements, exposing major gaps in corporate oversight and internal controls within the listed company.

Company	Key figure	Fraud amount (approx.)	Fake employees	Later buyer
Satyam Computer Services	B. Ramalinga Raju	₹7,000 crore	13,000	Tech Mahindra Ltd.

Following Raju’s confession, government authorities stepped in to stabilise Satyam Computer Services. The company was later auctioned and purchased by Tech Mahindra Ltd., which merged it into its operations. Courts eventually sentenced Ramalinga Raju and other individuals linked to the scheme to jail terms for their roles in the scam.

The title Riding the Tiger comes from Raju’s widely discussed 2009 letter to Satyam’s board. In that note, Raju compared the gap between declared performance and real numbers to "riding a tiger, not knowing how to get off without being eaten." The phrase now frames the documentary’s look at the scandal.

With Riding the Tiger finally released, Bad Boy Billionaires India now stands complete on Netflix. Viewers can watch all four episodes, covering Vijay Mallya, Nirav Modi, Subrata Roy and Ramalinga Raju. The finished series again draws attention to corporate fraud cases that reshaped discussions on ethics and regulation in India.