Satyam’s Raju brothers, former CFO in police custody for four days (Lead)

January 17th, 2009 - 6:41 pm ICT by IANS  

Ramalinga RajuHyderabad, Jan 17 (IANS) Disgraced Satyam Computer Services founder B. Ramalinga Raju, his brother B. Rama Raju and the IT major’s former chief financial officer Vadlamani Srinivas will be in the custody of the Andhra Pradesh police Jan 18-22, a court here ruled Saturday.The three are now in judicial custody and lodged in Chanchalaguda jail.

Handing them over to the custody of police will enable the criminal investigation department (CID) to interrogate the three on the massive financial fraud of Rs.70 billion (Rs.7,000 crores/$1.43 billion) admitted to by Ramalinga Raju.

Ramalinga Raju and Rama Raju, who was Satyam’s managing director, were arrested Jan 7 and Srinivas the next day. All three were sent to judicial custody on Jan 12 till Jan 23.

All three have appealed for bail, hearing on which will resume Jan 19.

The CID had also applied to the court seeking their custody. After hearing the arguments for and against the CID plea Friday.

Sixth Additional Chief Metropolitan Magistrate D. Ramakrishna had reserved ruling for Saturday.

Market regulator Securities and Exchanges Board of India also wants to grill the three. Its application to do so will come in court Monday.

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