Andhra Pradesh police begin probe into Satyam fraudJanuary 9th, 2009 - 8:52 pm ICT by IANS
Hyderabad, Jan 9 (IANS) The crime branch of the Andhra Pradesh police Friday began probe into the Rs.70-billion accounting fraud in the city-based IT service firm Satyam Computer Services, even as the market regulator continued its probe for the second consecutive day and summoned before it the company’s former chairman.The Criminal Investigation Department’s (CB-CID) team checked records at Satyam’s headquarters here and spoke to associates of disgraced former chairman B. Ramalinga Raju to ascertain the veracity of his statement on the fraud.
While resigning as chairman of the firm Wednesday, Raju admitted that the company cooked its books resulting in an “inflated (non-existent) cash and bank balances” for several years.
Chief Minister Y.S. Rajasekhara Reddy ordered the CB-CID probe Wednesday to “look at the criminal angle into the entire episode”. Incidentally, the Congress government in the state has been criticised for being “soft” towards Ramalinga Raju.
Reddy told reporters in Chennai that the CB-CID was conducting an independent probe into the whole scandal.
Speculations of Raju’s imminent arrest were doing rounds for the third day in a row but the police continued to maintain that they would not take any action unless they receive a specific complaint.
However, Raju is likely to be arrested if market watchdog Securities and Exchange Board of India (SEBI), which is probing the scam, lodges a complaint. SEBI officials, who continued their probe here for the second consecutive day, have served Raju with summons to appear before them.
Raju’s lawyer S. Bharat Kumar told reporters he would appear before SEBI officials at Satyam headquarters at 4 p.m. Saturday.
SEBI may also summon B. Rama Raju and V. Srinivas, who resigned as managing director and chief financial officer of the company respectively.
- Apex court rejects Raju's plea on surrender - Nov 09, 2010
- CID grills Ramalinga Raju, brother (Lead) - Jan 10, 2009
- Satyam's Ramalinga Raju, brother arrested for cheating (Second Lead) - Jan 10, 2009
- Ramalinga Raju, brother to be produced in court - Jan 10, 2009
- Satyam probe handed over to CBI (Lead) - Feb 16, 2009
- Regulator continues probe into Satyam fraud - Jan 09, 2009
- Satyam's Ramalinga Raju, two others get bail - Nov 04, 2011
- Satyam Ramalinga Raju released on bail - Nov 05, 2011
- Market regulator may finally get to grill Satyam ex-chief - Jan 15, 2009
- Satyam Raju, brother arrested - Jan 10, 2009
- Andhra chief minister seeks CBI probe into Satyam fraud - Feb 10, 2009
- Third day of questioning for Satyam's Raju - Jan 20, 2009
- Ramalinga Raju discharged from hospital - Oct 02, 2010
- Apex court says no to Raju's plea on surrender (Lead) - Nov 09, 2010
- Police to probe Satyam fraud - Jan 07, 2009