The Crime Investigation Department (CID) of Andhra Pradesh police on Sunday continued interrogation of Vadlamani Srinivas, the former chief financial officer (CFO) of the IT bellwether Satyam Computers, in connection with the Rs.70 billion fraud.
CID officials said they would produce Srinivas before a magistrate later on Sunday.
Srinivas was arrested by CID on Saturday night after a couple of hours of interrogation at the CID office located in the state police headquarters here.
Srinivas, considered close to the company's tainted founder chairman B. Ramalinga Raju, is believed to have been aware of the fraud.
"We are continuing interrogation of Vadlamani Srinivas. He will be produced before a magistrate within 24 hours (from the time of arrest)," Inspector General of Police, CID (Economic Offences Wing) V.S.K. Kaumudi told IANS.
Srinivas is the third person to be arrested in the massive fraud case. Ramalinga Raju and his brother B. Rama Raju have been arrested and sent to judicial custody till Jan 23.
The CID officials have not ruled out more arrests in the case. "We are right now interrogating the former CFO. We are doing one thing at a time," was all Kaumudi said when asked if they would be arresting other former directors of the company.
Srinivas had resigned from the IT bellwether on Thursday, a day after the Raju brothers quit admitting to a massive financial fraud.