Satyam’s former CFO Srinivas arrested

January 11th, 2009 - 12:02 am ICT by IANS  

Ramalinga RajuHyderabad, Jan 8 (IANS) In the third arrest in the Satyam Computer Services scam, the former chief financial officer (CFO) of the IT bellwether Vadlamani Srinivas was held by Andhra Pradesh police Saturday night in connection with the Rs.70 billion fraud.Srinivas was very close to the company’s founder chairman B. Ramalinga Raju and is believed to have been aware of the fraud.

Officials of Crime Investigation Department (CID) interrogated Vadlamani at the CID office for a couple of hours and later arrested him.

Inspector General of Police, CID (Economic Offences Wing) V.S.K. Kaumudi confirmed that the CFO had been arrested.

B. Ramalinga Raju and his brother and Satyam managing director B. Rama Raju were arrested by police Friday night and a magistrate Saturday sent them to judicial custody till Jan 23.

Srinivas had resigned from the IT bellwether Thursday, a day after Raju brothers quit admitting to a massive financial fraud.

CID officials are likely to interrogate Srinivas further in connection with Ramalinga Raju’s disclosures and produce him before a magistrate Sunday.

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