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Jailed Raju brothers out of reach for regulators

Satyam founder B Ramalinga Raju and his two close associates, remained out of reach of market regulator SEBI and other Central investigating agencies, full five days after he admitted to a Rs 7,100 crore fraud, reports Ashok Das.

india Updated: Jan 12, 2009 21:55 IST
Ashok Das

Satyam founder B Ramalinga Raju and his two close associates, B Rama Raju and Vadlamani Srinivas, remained out of reach of market regulator SEBI and other Central investigating agencies, full five days after he admitted to a Rs 7,100 crore fraud.

And they are not going to be available to these agencies till the weekend. A local court hearing a petition by the SEBI team seeking to interrogate them adjourned the hearing till January 16. When the court re-opens on Friday after thee-day Sankranti holiday, it will hear the petitions seeking their custody and the bail petition for the three filed by Raju’s lawyer.

Except the CB-CID, which “interrogated” Raju soon after his arrest on Friday, none of the central agencies have got access to Raju or his associates. Meanwhile, CB-CID confirmed that Srinivas during interrogation said that he had nothing to do with the fraud, thus putting the entire blame on Ramalinga Raju, who in his letter had stated that he alone was responsible for all the actions.

Srinivas reportedly said the auditors never pointed out any “deficiencies” during their discussions. But the most startling revelation was that fixed deposits were unreal and fictitious which were managed with an understanding between the audit section and the management.

"The bank deposits were handled directly by Raju and he was specifically asked not to look into it", Srinivas said. He admitted that the accounts were manipulated for as long as seven years.

Srinivas further said that one Ramakrishna was privy to the goings on “There are 20 persons working under Ramakrishna and his team is into auditing accounts. He is privy to all inflow and outflow,” he reportedly told the interrogation team.

CB-CID said that they would be taking Ramakrishna into custody soon.