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Police may attach Rajus` properties: SEBI fears delay due to multi-agency inquiry

india Updated: Jan 14, 2009 19:29 IST
Ashok Das

Andhra Pradesh police may move to attach the properties of Satyam`s ex-Chairman B Ramalinga Raju, his brother and company ex-MD Rama Raju as a follow up of the confessional statement, wherein they admitted to various crimes.

CID sources said that they were making a list of properties standing in the names of the accused by talking to civic and revenue authorities and also checking with banks and insurance companies and would take the appropriate action soon.

CID appeared to have taken a holiday from investigations keeping in view the Sankranti festival, the biggest festival for Telugus, in mind. Any arrest or interrogation would have invited adverse reaction and keeping the popular sentiment in view, all moves were postponed till Thursday.

Counsel of Securities and Exchange Board of India(SEBI) , Pradyumna Kumar Reddy feared that the multi-agency probe in the Satyam scandal can lead to delays. “We want to record a statement based on the letter Ramalinga Raju has sent us and the stock exchanges. Charges will be framed after recording the statement. But now we have to get police permission to see each and every document,” he said.

The police, which is wanting to question the independent directors of Satyam, may start the process tomorrow. At least two of the independent directors, former cabinet secretary T R Prasad and former Indian School of Business boss Ramamohan Rao are in the country and the police think that they may throw some light on the entire episode.

T R Prasad, meanwhile, in a statement said “I have the relevant material with me to establish that while serving as an independent director on Satyam Board,I have faithfully discharged the responsibilities of such a director,as laid down in the judgement of Hon Bombay High court,referred to in Shri Naresh chandra committee report.”

He further said he was in Delhi presently and any “investigative agency would like to interrogate me or is empowered to arrest me to kindly send a message to my email id: trcprasad@yahoo.com so that I can extend full cooperation to them.”

A team from Serious Fraud Investigation Office(SFIO) landed in Hyderabad this morning consequent to the government of India decision to hand it over the investigation into Satyam affairs.

The six-member team , soon after arrival, reached Satyam office in the Hitech city and started their investigations. Later, the team is expected to examine the documents in the possession of the CID department, which had searched the residences of Ramalinga Raju, Rama Raju and the company CFO V Srinivas and seized a number of documents, CDs.