Bail for accused in Satyam fraudFebruary 6th, 2009 - 8:20 pm ICT by IANS
Hyderabad, Feb 6 (IANS) A city court Friday granted bail to former SRSR Advisory Services general manager Gopalakrishnam Raju, an accused in the Rs.70 billion fraud at Satyam Computer Services.SRSR Advisory was floated by disgraced Satyam founder B. Ramalinga Raju to manage his family’s stake in the IT major.
The court has directed Gopalakrishnam Raju to furnish two sureties of Rs.25,000 and not to leave the city. He was also directed to surrender his passport and appear before the investigating agency whenever called for the investigations.
Sixth additional chief metropolitan magistrate D. Ramakrishna pronounced orders on the bail petition. The magistrate had reserved orders on the bail plea on Feb 3.
Ravinder Reddy, the counsel for Gopalakrishnam Raju, had argued that the accused was not at all connected with the Satyam fraud or the accused arrested in the case.
Opposing the bail plea, the prosecution said the accused, if granted bail, could tamper with the evidence.
The prosecution said Gopalakrishnam Raju was a key man in the entire episode and had been closely associated with Ramalinga Raju and his relatives for 20 years.
The prosecution told the court that he was one of the directors of Maytas Properties, a firm promoted by Ramalinga Raju’s son. “He was either a shareholder, a member or a key person in more than 300 companies floated by Ramalinga Raju and his family,” he had said.
The prosecution had also told the court that Gopalakrishnam Raju was shifting the registered property documents of Ramalinga Raju and his family members and was thus causing ‘the disappearance of the evidence’.