Raju, 212 others chargesheeted in Satyam case

  • HT Correspondent, Hindustan Times, New Delhi
  • Updated: Oct 29, 2013 02:32 IST

The Enforcement Directorate (ED) has filed a chargesheet against Ramalinga Raju, founder of Satyam Computers, and 212 entities including 46 individuals and 166 firms, for allegedly laundering funds under the Prevention of Money Laundering Act (PMLA).

The ED chargesheet says that Ramalinga Raju conspired with the other accused and published inflated balance sheets and annual financial statements continuously during the period 2001-2008, thereby projecting a very rosy financial status for his company to keep share prices over-valued and lure ordinary investors into buying the company’s shares. ED filed a prosecution investigation report before the additional chief metropolitan magistrate cum special sessions judge in Hyderabad saying Ramalinga Raju and the other accused, who has also been probed by CBI, “derived proceeds of crime from the sale and pledge of inflated shares of M/s Satyam Computers and Services Ltd (SCSL)”.

“It transpires that the accused resorted to inter-connected transactions, so as to ensure that crime proceeds were distanced from its initial beneficiaries, and laundered the said proceeds under the cover of the corporate veil, with an ulterior motive to project the properties so acquired as untainted ones”.

(With agency inputs)

From Around the Web
Sponsored by Revcontent

also read

IndiGo flight diverted as unruly passengers trigger trouble, two detained
Show comments

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Chrome and Ad BlockPlus users

1.Press the ‘ABP’ icon in your toolbar at top right of this page

2. Click on ‘Enabled on this site’; this should now change to ‘Disabled on this site’


chrome



For Chrome and Ad Block users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don’t run on pages on this domain’ and then click ‘exclude’ on the pop up


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Mozilla and AdBlock Plus (ABP) users

1.Press the ‘ABP’ icon in your toolbar

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Internet Explorer and AdBlock Plus users

1.Press the ‘AdBlock Plus’ icon in your status bar at the bottom of the screen

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Safari and AdBlock users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don't run pages on this domain’ and then click 'exclude'


chrome