CID begins probe into Satyam Computer fiasco

CID begins probe into Satyam Computer fiasco
PTI
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First Published: Fri, Jan 09 2009. 03 17 PM IST
Updated: Fri, Jan 09 2009. 03 17 PM IST
Hyderabad: The Criminal Investigation Department (CID) of the Andhra Pradesh Police has launched investigation into the Satyam Computer scandal after the state government finally gave the go-ahead.
Director General of Police S S P Yadav will personally supervise the investigation, highly-placed police sources said.
The DGP held a meeting with CID Additional Director General A. Sivanarayana, Inspector General (Economic Offences Wing) V.S.K. Kaumudi and other senior officials and reviewed the Satyam case.
Thereafter, the DGP discussed the case with state Chief Secretary P. Ramakanth Reddy and reportedly sought directions on proceeding against Satyam ex-chairman B. Ramalinga Raju. Emerging out of the meeting with the Chief Secretary, the DGP declined to comment.
“Whatever you may ask, I shall not speak anything,” he said.
Meanwhile, police sources said that there was no likelihood of the arrest of Ramalinga Raju.
“His so-called confessional statement written to the Sebi cannot form an evidence. It doesn’t stand legal scrutiny,” a top official said.
“Unless the Sebi completed its investigations and filed a complaint, the police could not act on their own,” the official added.
Sebi team goes to Raju’s house; finds it locked
Hyderabad: A Securities and Exchange Board of India (Sebi) team probing a financial fraud in Satyam Computer reached founder Ramaling Raju’s house here, but returned as the premises was locked.
Sources said that the team, was also expected to go to Satyam headquarters again, and a notice has been issued from SEBI’s Mumbai office asking Raju to appear before it.
The Sebi team had first gone to Satyam office here yesterday in connection with a probe ordered by the market regulator a day before.
The probe follows Satyam’s founder and chairman Ramalinga Raju disclosing on Wednesday financial irregularities to the tune of about Rs7,800 crore at the company, after which he resigned.
There have been speculations about the whereabouts of Raju, but his lawyer yesterday said that Satyam founder was very much in Hyderabad. There are also speculations that Raju might be at a guesthouse on the outskirts of the city.
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First Published: Fri, Jan 09 2009. 03 17 PM IST