Satyam fraud case: CBI opposes bail plea of Ramalinga Raju

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Ramalinga Raju
New Delhi, Nov 4: The Central Bureau of Investigation (CBI) on Thursday (Nov 3) submitted an affidavit in the Supreme Court opposing bail pleas of Ramalinga Raju, former chairman and founder of Satyam Computer and his brother Rama Raju, main accused of the nation's biggest corporate fraud, allegedly to the tune of Rs 14,000 crore.

CBI said that once they are released in bail, certainly they would tamper with evidence and delay trail. Earlier, the Supreme Court on Oct 12 awarded conditional bail for six months to the top former Satyam employees including Ramalinga Raju's brother Rama Raju over the Satyam Fraud case.

"Ramalinga Raju is highly influential and if he is released on bail, there is every possibility, almost to a point of certainty, that he would impede and interfere with the process of trial and make every effort to tamper with evidence and delay the trial," the CBI said in reply to the bail pleas.

However, the top four officials namely - former internal chief auditor, VS Prabhakar Gupta; former Price Waterhouse Coopers (PWC) auditor, S Gopalakrishnan, D Venkatpati Raju and G Ramakrishna have been granted conditional bail. But the case of Ramalinga Raju, the main architect of the fraud, stood on a completely different footing and he could not get bail with other accused, the agency said.

Meanwhile, a bench of Justices Dalveer Bhandari and Deepak Misra agreed to list the bail pleas for hearing on Friday (today).

"Ramalinga Raju sold off/pledged his shares at highly inflated rates at opportune times during the fraud period leading to wrongful gain for himself and his family members, while on the other hand, retail investors, mutual fund entities and institutional investors, both Indian and foreign, have suffered wrongful losses to the tune of several thousand crores of rupees. He further acquired huge immovable assets both in his name and in the name of his family members," CBI said.

CBI referred to the undertaking given by Raju, his brother Rama Raju and five other accused not to examine the "given up" prosecution witnesses and pointed out that similar undertaking had not been given by Talluri Srinivas and B Suryanarayan Raju. "Hence, there is every likelihood that they may cross examine the given up witnesses and delay the trial," it said.

"The release of the accused petitioner will not only hamper the trial but also jeopardize the case as the trial is in an advanced stage and the prosecution evidence would have been closed by this time but for the boycott of the courts by advocates agitating for separate Telangana state," CBI said.

Ramalinga Raju, former chairman and founder of Satyam Computer, currently is in judicial custody. Raju, the key accused in the Rs 14,000 crore Satyam scam case had surrendered on Nov 10, 2010 before a Hyderabad court.

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