New Delhi: The Central Bureau of Investigation (CBI) is preparing to approach the Supreme Court (SC) to challenge earlier decisions by the Andhra Pradesh high court to release on bail the main accused in the largest corporate fraud in India, including former Satyam chairman B. Ramalinga Raju, former managing director (MD) B. Rama Raju, and former chief financial officer (CFO) V. Srinivas.
Ramalinga Raju was granted bail on 18 August and the others on 20 July.
The fraud at Satyam was first brought out into the open by Ramalinga Raju in a January 2009 letter to shareholders and the size of the fraud is now estimated at around Rs14,000 crore, twice of what Raju initially admitted to.
“On Monday, we will oppose the bail of Rama Raju, Srinivas and others,” deputy inspector general of police V.V. Lakshmi Narayana, who is heading the CBI probe team, told Mint. “We have written to the law ministry for permission to approach SC against (Ramalinga) Raju’s bail. We expect that it would be granted in couple of days and then we would go to the apex court.”
Ten people are accused in the case and CBI has filed three charge sheets.
In its argument in the Andhra Pradesh high court, CBI said Ramalinga Raju could tamper with evidence if released, and as chief executive of the firm at the time of the fraud, he was more accountable than the CFO and the MD, both of whom had been given bail.
Additional solicitor general Harin P. Raval, who appeared for CBI, emphasized the size of the fraud and said there were no new reasons for the bail to be granted. However, defence counsel M. Natarajan argued that since Raju, Srinivas and Rama Raju had been booked under the same sections of the law, they could not be treated differently by the court.
C.R. Sukumar from Hyderabad contributed to this story.