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Satyam's Ramalinga Raju, brother arrested
Monday, 12 January 2009, 22:44 Hrs |
6 Comments
Hyderabad: The Andhra Pradesh police Friday night arrested disgraced former founder-chairman of Satyam Computers B. Ramalinga Raju and his brother and former company managing director B. Rama Raju on charges of cheating and forgery.
The Crime Investigation Department (CID) of the state police arrested Ramalinga Raju and Rama Raju on charges of "criminal breach of trust, criminal conspiracy, cheating, falsification of records and forgery", Director General of Police S.S.P. Yadav told IANS.
The two brothers accompanied by their lawyer S. Bharat Kumar reached the state police headquarters and surrendered before the police. They were interrogated by CID personnel for some time before being arrested.
Their move came after a criminal case was registered against them by the CID in the
70 billion financial fraud in the company.
The case was registered under the Indian Penal Code (IPC).
The CID sleuths will interrogate the two to ascertain the veracity of Ramalinga Raju's shocking admission Wednesday of being behind the fraud. They are likely to be produced before a magistrate either late in the night or on Saturday morning.
Raju quit as chairman Wednesday while admitting that the company cooked its books resulting in an "inflated (non-existent) cash and bank balances" over several years. His brother Rama Raju has also quit as managing director.
They had remained untraced ever since they sent their resignations to Satyam board.
Their surrender and subsequent arrest by the CID came hours after Ramalinga Raju's lawyer told reporters that he would appear before market regulator Securities and Exchange Board of India (Sebi) on Saturday.
Meanwhile, police sources said the CID might also arrest Vadlamani Srinivas, who resigned as Chief Financial Officer (CFO) on Thursday. The whereabouts of Srinivas is not known.
The Rajus were arrested hours after CID began the probe. Earlier in the day, a team of CID officials verified records at Satyam's headquarters here and spoke to a few employees.
Chief Minister Y.S. Rajasekhara Reddy had ordered probe by CID on Wednesday to "look at the criminal angle into the entire episode".
The CID stepped up investigations amid criticism by opposition parties that the Congress government was soft towards Ramalinga Raju.
Source: IANS
The Crime Investigation Department (CID) of the state police arrested Ramalinga Raju and Rama Raju on charges of "criminal breach of trust, criminal conspiracy, cheating, falsification of records and forgery", Director General of Police S.S.P. Yadav told IANS.
The two brothers accompanied by their lawyer S. Bharat Kumar reached the state police headquarters and surrendered before the police. They were interrogated by CID personnel for some time before being arrested.
Their move came after a criminal case was registered against them by the CID in the
70 billion financial fraud in the company.The case was registered under the Indian Penal Code (IPC).
The CID sleuths will interrogate the two to ascertain the veracity of Ramalinga Raju's shocking admission Wednesday of being behind the fraud. They are likely to be produced before a magistrate either late in the night or on Saturday morning.
Raju quit as chairman Wednesday while admitting that the company cooked its books resulting in an "inflated (non-existent) cash and bank balances" over several years. His brother Rama Raju has also quit as managing director.
They had remained untraced ever since they sent their resignations to Satyam board.
Their surrender and subsequent arrest by the CID came hours after Ramalinga Raju's lawyer told reporters that he would appear before market regulator Securities and Exchange Board of India (Sebi) on Saturday.
Meanwhile, police sources said the CID might also arrest Vadlamani Srinivas, who resigned as Chief Financial Officer (CFO) on Thursday. The whereabouts of Srinivas is not known.
The Rajus were arrested hours after CID began the probe. Earlier in the day, a team of CID officials verified records at Satyam's headquarters here and spoke to a few employees.
Chief Minister Y.S. Rajasekhara Reddy had ordered probe by CID on Wednesday to "look at the criminal angle into the entire episode".
The CID stepped up investigations amid criticism by opposition parties that the Congress government was soft towards Ramalinga Raju.
Source: IANS
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Reader's comments(6)
1:
As time goes on, we wish the hyderabadies fun! The US Consulate gets the highest number of fake applications from hydbd, IT companies gets the highest number of fake resumes from hydbd, Hyderabad hosts the highest number of illegal IT training centers, The city enjoys software piracy as its national sport, The only state where you can implement SAP software on your laptop at $10, Country's fake passports and fake educational certificates are printed out from hydbd....now the Satyam Saga adds up the compliments!
Posted by:hyderabadi
- 12 Jan, 2009
2:
If the MD of the is resposible for all the frauds and any MD in Indi can be allowed to do such a big consiracy for years then auditing and Govt. regulations on company matters are not required. The banks does not know the clients (such and important cliet)and the PWC closes its eyes for years, in what way they claim their credibility and professionalism? I wont find fault with Mr. Raju. The institution or the mechnism allowing someone do so so easily for years has to be punished first. Will the Govt take resposibility for it?
Posted by:Meena Udaya Sankar
- 10 Jan, 2009
3:
Hope that the Senior Executives of Satyam and jailed for their greed and are not allowed to work anywhere else in the IT industry. What a shame for the Indian IT industry! Hope good prevails over evil.
Posted by:Geeta
- 10 Jan, 2009
4:
Not a big wonder.Already all channels including Media,Press,politicians are well paid in advance.So inspite of 7000 crores- little hue and cry.Nothing will happen in India.Its heaven for any culprit.Even if Dawood is also broght here- he will be once day PM.Still I dnt feel Raju is the main culprit.he is saving or trying to save someone else........
Posted by:Bikash
- 10 Jan, 2009
5:
It is very sad to know what has happened with the Raju's of Satyam, but as an astrologer after closely studing the horoscope of Mr. Ramalinga Raju, he will be the final winner. Yes he will have to face the government agencies & also anticipate their non co-operation, but this will last till Oct 2009 only. After Nov 2009 he will come out of the problems & Satyam will be brought back to narmalcy. Mangal/rahu conjunction in his 3rd house which is also the house of over energy & efforts & our professional & social contacts has given him the guts to do the manipulations he has done to keep the company one amongst top in IT sector. Even sani's aspect on mangal & rahu in his chart has supported him to do things beyond extent. Rahu works like mirage in one's life, sani the motivator to manipulate & mangal the energy & confidence giver to go ahead.
Mangal & rahu conjuntion in anybodys horoscope makes a person manipulative. This yog is more common in many professional horoscopes, as without manipulation one cannot scale new heights in the present day.
Mr. Ramalinga has a very wierd mind and always wants to be the front runner & this greed always kept him charged up, but when ketu has aspect on the lord of mind it destroys ones ulterior motives and all manipulations get unearthed.
His time period till apr 2012 is shady but after May 2012 hw will the Amitabh Bachhan or Shahrukh Khan of the IT industry.
Mangal & rahu conjuntion in anybodys horoscope makes a person manipulative. This yog is more common in many professional horoscopes, as without manipulation one cannot scale new heights in the present day.
Mr. Ramalinga has a very wierd mind and always wants to be the front runner & this greed always kept him charged up, but when ketu has aspect on the lord of mind it destroys ones ulterior motives and all manipulations get unearthed.
His time period till apr 2012 is shady but after May 2012 hw will the Amitabh Bachhan or Shahrukh Khan of the IT industry.
Posted by:Haresh Nathani
- 10 Jan, 2009
6:
It's pretty depressed news to all satyamites and our country.Though, he(raju),srinivas,rama raju done major issue on account fraud, data theft,etc. But, why they urge such huge amount of 70 billion fraud for several years? is there any person behind all this financial game and put raju and stayamites in trouble?
A single person can't do this huge amount to use for personal use. moreover, he is the founder and CEO of satyam, can't put his company sick and admit to all?
After CID investigation,entire things published.
Let's pray and hope for Satyam and their employees to have growth and future.
A single person can't do this huge amount to use for personal use. moreover, he is the founder and CEO of satyam, can't put his company sick and admit to all?
After CID investigation,entire things published.
Let's pray and hope for Satyam and their employees to have growth and future.
Posted by:saravana
- 09 Jan, 2009
Beautiful and dress selection, please go to Dresses
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