CBI sets up probe team
Two days after being asked to take over the probe into Satyam scam from the Andhra Pradesh police, the CBI announced it was setting up a Multi Disciplinary Investigation Team (MDIT) to look into the fraud. Abhishek Sharan reports.business Updated: Feb 18, 2009 22:48 IST
Two days after being asked to take over the probe into Satyam scam from the Andhra Pradesh police, the Central Bureau of Investigation (CBI) on Wednesday announced it was setting up a Multi Disciplinary Investigation Team (MDIT) to look into the fraud.
“CBI proposes to undertake an all encompassing investigation into the scam in Satyam Computers Services Ltd,” CBI’s additional director general (media and communications) Harsh Bhal said.
He said the proposed team would rope in investigators from the agency’s units that have experience in investigating economic offences and banking/corporate frauds, apart from personnel from the Economic Offences Wing (EOW) and the Banking and Securities Fraud Cell (BSFC).
The team is expected to include CBI’s joint directors Rajnikant Mishra and US Dutt, and RBI’s general manager GL Negi (in a consultative role) who is on deputation to the agency. Bhal said the team would be headquartered in Hyderabad.
The CBI would “in the next few days” be filing a First information Report in the case, basing it on the existing case lodged by AP police’s Crime Investigation Department (CID), he said.
Once the case is filed, the agency would seek remand of the founder and former chairman of Satyam, B Ramlinga Raju and four other co-accused who are currently in judicial custody.
“A joint consultative and coordination mechanism is being worked out with ministries, departments and institutions concerned for providing necessary assistance to the CBI,” he said. “Day-to-day consultations and coordination will be required with the Ministries of Corporate Affairs & Finance, Department of Banking & Revenue, central government and the Andhra Pradesh government, apart from the Securities Exchange Board of India.”