Judicial remand of Rajus extended till July 8

HYDERABAD - A city court Wednesday extended the judicial remand of disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and other accused in the Rs.78 billion accounting fraud case till July 8.

The XIV additional chief metropolitan magistrate extended the judicial remand of Raju, his brother B. Rama Raju, former chief financial officer Vadlamani Srinivas and five other accused by two weeks.

The Central Bureau of Investigation (CBI), which is probing the massive fraud, produced all eight accused in the court as their remand ended Wednesday.

Former auditors of Price Waterhouse S. Gopalakrishnan and T. Srinivas and three former Satyam employees - former vice president (finance) G. Ramakrishna and former managers (finance) D. Venkatapathi Raju and C. Srisailam, were also produced before the magistrate.

All the eight accused were sent back to Chanchalguda central jail after the magistrate extended their judicial remand.

Another accused in the case and Ramalinga Raju’s second brother Suryanarayana Raju, who is on anticipatory bail, also appeared in the court.

Meanwhile, the court adjourned to June 30 hearing on a petition filed by CBI seeking permission to conduct polygraph and brain mapping tests on Ramalinga Raju, Rama Raju and Vadlamani Srinivas.

The CBI filed the petition in March on the ground that the accused had not told it everything during the interrogation.

The CBI has already filed a charge sheet against the accused charging them with fudging the books of accounts and inflating the company’s profits and turnover.

The investigating agency also told the high court that Ramalinga Raju also diverted and misappropriated funds of Satyam through foreign bank accounts.

Making a written submission during the hearing of bail application of former auditor S. Gopalakrishnan, the CBI said it had sought Interpol’s help to identify the end use of these funds.

It was on Jan 7 that Ramalinga Raju quit as Satyam chairman while admitting to a Rs.78 billion accounting fraud - the biggest in India’s corporate history.

The Raju brothers were arrested by Andhra Pradesh police on Jan 9 and former CFO Srinivas a day later. Later, the former auditors and three former employees of Satyam were also taken into custody.

All the accused are facing charges of cheating, criminal conspiracy, falsification of records and forgery.


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