Three Satyam executives arrested, sent to jail

April 6th, 2009 - 5:46 pm ICT by IANS  

Ramalinga Raju Hyderabad, April 6 (IANS) The Central Bureau of Investigation (CBI) has arrested three top executives of Satyam Computer Services Ltd in connection with the Rs.78 billion accounting fraud.
G. Ramakrishna, vice-president, finance, D. Venkatpati Raju, general manager, finance, and another executive in the finance department, Srisailam, were Monday produced before a city court, which sent them to judicial custody for 15 days.

The accused were taken into custody by CBI officials late Sunday. They allegedly had connived with the main accused B. Ramalinga Raju, the founder and former chairman of Satyam.

The CBI officials also seized computers, laptops and other records from the possession of the three accused.

The prosecution told the special court for CBI cases that the trio were part of the conspiracy in the massive accounting fraud. The accused were involved in making fictitious invoices and preparing fake balance sheets.

These are the first arrests since the investigations into the fraud in IT major were handed over to the CBI in February.

Ramalinga Raju had Jan 7 confessed that he had cooked up the company’s account books and inflated profits over the past several years.

Ramalinga Raju, and his brother and former managing director of the company B. Rama Raju were arrested by Andhra Pradesh police Jan 9. Former chief financial officer Vadlamani Srinivas was picked up the next day.

The three, along with two former auditors from Pricewaterhouse, are currently lodged in Chanchalguda central jail here.

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