I-T Dept begins independent probe into Satyam scam
The Income Tax Department is independently probing the Rs 7,800-crore accounting fraud in Satyam with focus on tax deducted at source and benami deals.india Updated: Jan 27, 2009 15:10 IST
The Income Tax Department is independently probing the Rs 7,800-crore accounting fraud in Satyam with focus on tax deducted at source and benami deals.
"We are conducting an independent probe into the Satyam case," Central Board of Direct Taxes Chairman NB Singh told reporters in Mumbai on Tuesday.
The I-T Department will look into tax deducted at source and benami deals, if any, by Satyam, he said.
He, however, declined to give a timeline for the completion of the probe, saying, "The duration cannot be fixed, but we will try to hasten up the process." Already, the Andhra Pradesh police, market regulator SEBI and the Serious Fraud Investigation Office are investigating the fraud disclosed by Satyam founder Ramalinga Raju on January 7.
The SFIO has been given three months to complete its probe, although the investigating team has had no luck accessing Raju and others for interrogation.
Raju, his brother Rama Raju, the company's former CFO Vadlamani Srinivas and two representatives of the company's auditors are in judicial custody.