The Central Bureau of Investigation (CBI) has decided to send its invtestigation teams to the US and Mauritius next week to track large-scale diversion of funds by B Ramalinga Raju and his associates in the course of India’s biggest corporate fraud in Satyam Computer Services Ltd.
Investigations into the Rs 7,800 crore (Rs 78 billion) Satyam fraud by the CBI had led to fresh revelations that Raju transferred several crores to different bank accounts in the US and Mauritius, besides other countries. The teams involving senior police officers will verify bank records and subsequently, a supplementary charge sheet will be filed against the accused, said a CBI source who did not wish to be identified.
Hyderabad-based Satyam’s founder-chairman is in jail now, while the company’s management has been taken over by the Mahindra group and the company renamed Mahindra Satyam.
"It appears that huge funds were diverted to certain bank accounts in the two countries. Once our teams are able to verify the accounts, we'll freeze them and produce the evidence before the court of law to nail Raju and his accomplices," the source added.
It is likely that some funds from Satyam were transferred to some other countries as well, the source said, adding the current focus was on the US and Mauritius.
“The CBI will file the supplementary charge sheet by November — by when the investigations are expected to be complete," the source said.
In January, Ramalinga Raju had shocked the nation with his confession that he had been fudging Satyam’s accounts for years.
"We found that several hundred crores were invested by Raju and his accomplices in around 1,500 properties," the CBI source added.
In April this year, the CBI had filed a charge-sheet in the Satyam case before a CBI court in Hyderabad.
The charge-sheet comprised of over 1,530 documents as evidence and over 430 witness statements.