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YSR writes to PM; seeks CBI probe in Satyam scam

By Super Admin
|

Hyderabad, Feb 10: In the wake of mounting criticisms on Chief Minister of Andhra Pradesh, Y S Rajasekhara Reddy that undue favours were extended to the promoter of Satyam Computers, Ramalinga Raju, YSR on Monday, Feb 9 evening wrote a letter addressing to the Prime Minister, Manmohan Singh for a CBI probe into the Satyam fraud investigation.

YSR has narrated the Satyam incident in the letter stating that Satyam computers' confession of accounting scam happened on Jan 7. Immediately after which a CB-CID probe was ordered by the Government. Company Chairman, Ramalinga Raju and his brother, Ramaraju were arrested.

The investigations by the CID has revealed the company's embellishment of bank accounts for several years.

The company has raised money from NBFCs by pledging shares. More than 300 companies were reportedly raised by Ramalinga Raju and his close relatives as directors and promoters which facilitated insider trading of shares.

The CID has been in touch with other investigative agencies, but there are several other issues which need to be catered to by central government agencies like Securities and Exchange Board of India (SEBI), Income Tax, Enforcement Directorate, Registrar of Companies, ministry of company affairs and Serious Fraud Investigation Office. Besides, irregularities have been reported in its overseas operations also, he added.

In view of this, it is appropriate to handover the Satyam scam investigations to the CBI so that coordination with various investigation agencies, including Satyam"s overseas operations can be better achieved.

OneIndia News (With inputs from Agencies)

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