Income Tax dept starts probe on Satyam

Mumbai, Jan 27: The Income Tax department has stepped in to probe the Satyam Fiasco. The I-T department's focus is on tax deducted at source and benami deals.

"We are conducting an independent probe into the Satyam case," Central Board of Direct Taxes Chairman N B Singh told reporters here on Tuesday.

"The I-T Department will look into tax deducted at source and benami deals, if any, by Satyam," he said.

When asked about the duration of the probe, he said, "The duration cannot be fixed, but we will try to hasten up the process."

The Andhra Pradesh Police, market regulator Securities and Exchange Board of India (SEBI) and the Serious Fraud Investigation Office (SFIO) are investigating the Satyam fraud.

The SFIO has been given three months to complete its probe, although the investigating team has had no luck accessing Raju and others for interrogation.

Raju, his brother Ramaraju, the company's former CFO Srinivas Vadlamani and two representatives of the company's auditors are in judicial custody.

OneIndia News (With inputs from Agencies)