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CBI to probe Satyam fraud,senior VP told to quit

The AP Government has handed over the Rs 7,800-crore Satyam scam to the CBI,more than a month after the IT major's founder B Ramalinga Raju confessed to cooking his company's account books.

Written by Agencies | New Delhi | Published: February 16, 2009 3:22 pm

The Andhra Pradesh Government has handed over the Rs 7,800-crore Satyam scam to the CBI,more than a month after the IT major’s founder B Ramalinga Raju confessed to cooking his company’s account books and inflating profits over the last many years.

Andhra Pradesh Home Minister K Jana Reddy said the state has issued a ‘Government Order’ handing over the probe into the Satyam Computers fraud to the Central Bureau of Investigation. The order was issued on February 13,he added.

Separately,Union Corporate Affairs Minister Prem Chand Gupta told PTI in New Delhi that the case would be now jointly probed by the CBI,along with the SFIO and other agencies.

“Now,the case will be probed jointly by the CBI,SFIO,I-T department and others,” Gupta said.

The country’s biggest ever corporate scam,currently being probed by the Serious Fraud Investigation Office (SFIO) in Hyderabad,is expected to be discussed in the Rajya Sabha tomorrow,Gupta added.

Earlier,Chief Minister Y S Rajasekhara Reddy had written two letters to Prime Minister Manmohan Singh proposing that the CBI take over the investigation into the Satyam fraud in view of the multi-faced nature of the issue.

The scandal is currently being probed by the CB-CID of Andhra Pradesh police also.

Satyam asks senior VP to quit

Satyam Computer Services asked its senior vice-president of banking and financial services vertical Anil Kumar to quit immediately.

The company spokesperson said that Anil Kumar has been asked to put in his papers.

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