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3 Satyam execs held, sent to jail

business Updated: Apr 06, 2009 21:24 IST

Hindustan Times
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The Central Bureau of Investigation (CBI) has arrested three top executives of Satyam Computer Services Ltd in connection with the accounting fraud.

G Ramakrishna, vice-president, finance, D Venkatpati Raju, general manager, finance, and another executive in the finance department, Srisailam, were produced before a Hyderabad court on Monday, which sent them to judicial custody for 15 days.

The accused were taken into custody by CBI officials late on Sunday. They had allegedly connived with former chairman B Ramalinga Raju.

CBI officials also seized computers, laptops and other records from the possession of the three accused.

The prosecution told the special court that the trio were part of the conspiracy in the massive accounting fraud. The accused were involved in making fictitious invoices and preparing fake balance sheets.

These are the first arrests since the investigations into the fraud in the IT major were handed over to the CBI in February.

Ramalinga Raju had on January 7 confessed that he had cooked up the company’s account books and inflated profits over the past several years.

Ramalinga Raju, and his brother and former managing director of the company B Rama Raju were arrested by the Andhra Pradesh police on January 9. Former chief financial officer Vadlamani Srinivas was picked up the next day. They were sent to judicial custody till April 15.

The three, along with two former auditors from Pricewaterhouse, are currently lodged in Chanchalguda central jail in Hyderabad.