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Satyam scam: Ramalinga Raju,two others released from jail

Raju was in the prison for nearly 34 months including a brief stay outside for two months on bail.

B Ramalinga Raju,the prime accused in multi-crore Satyam Computers accounting scam case,was released today from a local prison after the Supreme Court granted him and two others bail.

Ramalinga Raju’s brother B Rama Raju and Satyam’s former Chief Financial Officer Vadlamani Srinivas were also released along with the disgraced Satyam founder.

With the trio’s release,all the ten accused in the Rs 14,000 crore corporate fraud case are out on bail.

The apex court had yesterday granted bail to Ramalinga Raju,his brother B Rama Raju and Vadlamani Srinivas.

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Raju was in the prison for nearly 34 months including a brief stay outside for two months on bail.

Counsels for Raju have submitted sureties and other required documents in a local court which passed orders to Chanchalguda prison,where the accused were lodged,to release them.

Four ex-employees of the IT major and a former auditor of PricewaterhouseCoopers (PwC),arrested for their alleged roles in the fraud,were in October granted bail by the Supreme Court.

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Two other accused former PwC auditor Talluri Srinivas and Raju’s another brother Suryanarayana Raju are out on bail.

CBI counsel K Surender said that they may approach the Supreme Court for the cancellation of bail if there is enough ground against the accused.

Satyam Computer’s founder and its former chairman Ramalinga Raju had been arrested in January,2009 and his bail was cancelled in October last year by the Supreme Court.

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While cancelling his bail,the apex court had stipulated that the accused would file another bail application only after July 31,2011,if the trial in the case is not completed in the local court.

Following cancellation of his bail on CBI’s plea,Raju had surrendered on November 10,last year before a Hyderabad court adjudicating the nation’s biggest corporate fraud,allegedly to the tune of Rs 14,000 crore.

First published on: 05-11-2011 at 11:17:01 pm
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