Ramalinga Raju is absconding: SEBI

Hyderabad, Jan 8: Ramalinga Raju, Chairman of Satyam computers responsible for Satyam Fiasco on Wednesday, Jan 7 had stated in his letter written to Securities and Exchange Board of India (SEBI) and Board members that he is ready to face legal consequences for his fraudulence. But now, Raju is absconding!!!

SEBI team reached Hyderabad to investigate the biggest ever Satyam fraudulence of Rs 7000 crore and found Ramalinga Raju untraceable. After admitting to committing a Rs 7,000-crore fraud, Raju faces arrest and could serve as many as seven years in jail.

The Satyam management is telling that they are not aware of his whereabouts. Hyderabad Police said that Raju had left for Texas on Wednesday, Jan 7 morning. There is a petition pending over his Maytas deal for which British Telecom's Solutions firm - U-paid had demanded presence of Raju and senior directors of Satyam for questioning by its lawyers.

Some other reports also suggest that Raju could have left to Dubai, for which there is no confirmation. Raju has not been spotted in public; and was also not reachable on his mobile phone despite several attempts.

The Hyderabad police said they would take action against him only if a shareholder or the regulator lodges a complaint. Raju had written a letter to the board giving details of the companies balance sheet which has serious financial irregularities including inflated cash balances running into several crores of rupees.

OneIndia News (With inputs from Agencies)