Raju, others denied bail in Satyam scam

August 4th, 2011 - 4:57 pm ICT by IANS  

Ramalinga Raju Hyderabad, Aug 4 (IANS) A city court Thursday rejected the bail petition of B. Ramalinga Raju, former chairman of Satyam Computers, and seven other accused in India’s biggest corporate fraud case.

The XXI Additional Chief Metropolitan Magistrate B.V.L.N. Chakravarthi, who had reserved his orders on the bail pleas two days ago, Thursday refused to grant bail to the accused.

Besides Raju, his brother and Satyam’s former managing director B. Rama Raju, former chief financial officer Vadlamani Srinivas, former internal chief auditor V.S. Prabhakar Gupta, former employees G.Ramakrishna, D.Venkatpathi Raju, Ch. Srisailam and former PriceWaterhouseCoopers auditor S. Gopalakrishnan also had moved the bail petitions.

Satyam founder and prime accused in the case, Ramalinga Raju and other accused appeared before the court and they were later escorted back to Chanchalguda Central Jail.

Raju and others had moved the bail petitions Monday on the ground that the trial was not completed before July 31 as stipulated by the Supreme Court.

The apex court in October last year, while cancelling the bail granted by the high court to Raju and others, had ruled that they were free to approach the trial court for bail if the trial was not completed before July 31.

The Central Bureau of Investigation (CBI) opposed the fresh bail petitions at the crucial stage of the trials, saying the accused might influence the witnesses and tamper with the evidence.

CBI counsel K. Surender had informed the court that the prosecution has already deposed all its 226 witnesses and presented more than 1,000 documents as evidence. He argued that since the CBI was yet to fully probe fund diversion, bail to the accused may hamper the investigations and trial.

Raju had shocked corporate India in January 2009 by confessing to a scam worth over Rs.7,000 crore.

Police had booked 10 people, including Raju. His another brother B. Suryanarayana Raju, who is neither a director nor an employee of the IT firm, had secured anticipatory bail. PriceWaterhouseCoopers auditor Talluri Srinivas was released on bail by the Supreme Court.

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