CBI probes 'hawala' transactions in Satyam fraud
Friday, 24 July 2009, 14:21 IST
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New Delhi: The Central Bureau of Investigation (CBI), probing the multi-million rupees Satyam fraud, has been investigating the role of "hawala" or money-laundering operators and their transactions related to this case, agency sources said Thursday. B. Ramalinga Raju, Satyam founder and former chairman who has been named in the charge sheet, had fraudulently inflated the number of employees in its offices in India and abroad - creating more opportunities for the use of hawala networks, they said. "We along with other agencies like the Enforcement Directorate (ED) are probing whether a hawala network was used for huge monetary transactions from abroad as a lot of money was siphoned off from the company and was sent abroad through legal means," said a CBI official investigating the matter. "We believe the same money have been brought back into the country through non-banking channels," the official added, speaking on condition of anonymity. Hawala is an illegal exchange of money, including through non-banking channels. Raju, currently in jail, stunned the corporate world Jan 7 by admitting to a 78-billion (7,800-crore) accounting fraud. He faces charges of cheating, criminal conspiracy, falsification of records and forgery.
Source: IANS
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