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Sleuths search PwC offices, seize papers

The Govt orders investigation into the Satyam scandal by the Serious Fraud Investigation Office (SFIO), an entity that probes cases of economic offences of grave nature. Spl: Satyam sinks

business Updated: Jan 13, 2009 21:06 IST
Ashok Das
Ashok Das
Hindustan Times

Police sleuths in Hyderabad on Tuesday swooped on the offices of Pricewaterhouse which is in the middle of the corporate fraud involving false accounts at Satyam Computer Services, but the audit firm quibbled on whether the visit amounted to a raid.

PwC officials said state police officials only held discussions. “We are providing all the required information,” a PwC executive said on condition of anonymity.

State investigation officials said experienced chartered accountants were part of the team that searched premises in an operation that was on until late in the evening. “We are going through documents and seized some papers and CDs,” said a police official.

At the heart of the operation was a statement by Satyam’s arrested Chief Financial Officer Vadlamani Srinivas.

“Two days prior to the board meetings, I used to have a discussion with the statutory auditors (PwC) who used to share with me their audit findings. Based on those findings, I used to take comfort and certify the accounts. The auditors never pointed out any deficiencies in the accounts,” Srinivas said in an interrogation statement, according to police sources.

First Published: Jan 13, 2009 14:05 IST