CBI probes ‘hawala’ transactions in Satyam fraud
July 23rd, 2009 - 9:02 pm ICT by IANS
New Delhi, July 23 (IANS) The Central Bureau of Investigation (CBI), probing the multi-million rupees Satyam fraud, has been investigating the role of “hawala” or money-laundering operators and their transactions related to this case, agency sources said Thursday.
B. Ramalinga Raju, Satyam founder and former chairman who has been named in the charge sheet, had fraudulently inflated the number of employees in its offices in India and abroad - creating more opportunities for the use of hawala networks, they said.
“We along with other agencies like the Enforcement Directorate (ED) are probing whether a hawala network was used for huge monetary transactions from abroad as a lot of money was siphoned off from the company and was sent abroad through legal means,” said a CBI official investigating the matter.
“We believe the same money have been brought back into the country through non-banking channels,” the official added, speaking on condition of anonymity.
Hawala is an illegal exchange of money, including through non-banking channels.
Raju, currently in jail, stunned the corporate world Jan 7 by admitting to a Rs.78-billion (Rs.7,800-crore) accounting fraud. He faces charges of cheating, criminal conspiracy, falsification of records and forgery.
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- Former Satyam chief Raju gets bail (Lead) - Aug 18, 2010
- Court reserves verdict on Raju's bail plea - Aug 16, 2010
- Satyam scam is of over Rs.14,000 crore, says CBI (Lead) - Nov 24, 2009
- Andhra High Court adjourns hearing on Raju's bail plea - Aug 05, 2010
- CBI files additional charge sheet in Satyam case - Nov 24, 2009
- Five accused in Satyam scam get bail (Lead) - Jul 20, 2010
- Satyam scam is of over Rs.14,000 crore: CBI (Second Lead) - Nov 24, 2009
- Why not cancel bail, apex court asks Satyam scam accused - Aug 30, 2010
- CBI for second opinion on Satyam ex-chief's health - Jun 29, 2010
- Satyam case to be heard on daily basis from Nov 8 - Nov 02, 2010
- Satyam Raju's judicial remand extended till July 22 - Jul 08, 2009
- CBI files second charge sheet in Satyam scam - Jan 07, 2010
- Ramalinga Raju, others sent to CBI custody (Lead) - Mar 09, 2009
- Court allows lie detector, brain mapping tests on Raju - Jul 09, 2009
Tags: accounting fraud, agency sources, anonymity, b ramalinga raju, cbi, central bureau of investigation, criminal conspiracy, enforcement directorate, falsification, forgery, hawala, India, jan 7, monetary transactions, money laundering, New Delhi, probes, rupees