CBI flummoxed: Raju mum on where money went | business | Hindustan Times
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CBI flummoxed: Raju mum on where money went

Having established how Satyam's founder and former chairman B Ramalinga Raju and his associates cooked up accounts to attract investors, the CBI is now busy establishing how they siphoned off company funds for personal gains. The task is not easy, because Raju and his accomplices are simply not talking.

business Updated: Apr 08, 2009 22:15 IST
Abhishek Sharan

Where did all the money go?

Having established how Satyam Computer Services Limited’s founder and former chairman B Ramalinga Raju and his eight associates cooked up accounts to attract investors, the Central Bureau of Investigation (CBI) says it is now busy establishing how they siphoned off company funds for personal gains.

The task is not easy, because Raju and his accomplices are simply not talking. CBI’s deputy inspector-general VV Lakshmi Narayana, who heads the agency’s Multi Disciplinary Investigation Team (MDIT) that submitted its chargesheet against the nine accused on Tuesday, told Hindustan Times, “Raju and the others are not cooperating on this.”

“We are now probing a very crucial aspect of the scam as to how Raju and the other main accused siphoned off the money and investments that they brought in after making false claims about how well the company was doing. But Raju and the others are till now denying, they say ‘No, we have not siphoned off any money’.”

A supplementary chargesheet is expected after investigations on where and how the money went. The CBI officer said 327 affiliate companies are under the scanner, especially Maytas Infrastructure and Maytas Properties, run by Raju’s son. The former is building the Hyderabad metro rail project.

The CBI is probing allegations that the company had changed the proposed railway network’s route to scale up the rate of land plots owned by the company’s promoters—which were then sold off.