Hyderabad: A Hyderabad court on Friday did not allow anticipatory bail sought by B. Suryanarayana Raju, a younger sibling of the jailed founder of fraud-hit Satyam Computer Services LtdB. Ramalinga Raju.
Suryanarayana Raju, managing director of SRSR Advisory Services Pvt. Ltd, an outfit of the Raju family that provided financial and advisory services to group entities, is on the run from the law. Investigators of the Satyam swindle believe SRSR Advisory Services played a key role in land transactions of Raju family members, estimated at about 8,000 acres.
Ramalinga Raju was arrested on 9 January, two days after he confessed to cooking Satyam’s accounts for several years. The police has also taken in custody B. Rama Raju and Srinivas Vadlamani, who were managing director and chief financial officer, respectively, of the company.
Prime accused: Satyam founder B. Ramalinga Raju. A Hyderabad court will hear bail petitions of Raju and other two on 18 February. Madhu Kapparath / Mint
Two auditors of Price Waterhouse, S. Gopalakrishnan and Srinivas Talluri, have also been arrested. Price Waterhouse, a unit of PricewaterhouseCoopers, audited Satyam’s accounts for several years.
A metropolitan magistrate on Friday allowed the Serious Fraud Investigation Office, or SFIO, to question the Raju brothers and Srinivas Vadlamani on 14 February and the auditors on 15 February, all of whom are currently lodged in Chanchalguda Central Prison here. SFIO is part of the ministry of corporate affairs.
Andhra Pradesh Police arrested and questioned general manager of SRSR Advisory Services, D.V.G.K. Raju, who the police claim has confessed to have hidden land documents of about 147 companies floated by the Raju family, allegedly on instructions from Suryanarayana Raju. D.V.G.K. Raju is out on bail. Meanwhile, a metropolitan magistrate will hear on 16 February a petition by the income-tax department to question the key accused in the fraud currently in judicial custody.
On 17 February, it will hear a petition by capital markets regulator Securities and Exchange Board of India to question Srinivas Vadlamani, and two arrested auditors of Price Waterhouse.
The court will hear bail petitions of Ramalinga Raju, Rama Raju and Srinivas Vadlamani on 18 February.