CBI to probe Satyam accounting fraud case

New Delhi, Feb 17 (ANI): Union Minister of Corporate Affairs Prem Chand Gupta on Tuesday said the government has ordered the Central Bureau of Investigation (CBI) to probe the accounting fraud in IT major Satyam Computer Services Ltd.

"The government has ordered for a CBI investigation into the whole issue. CBI will now look into all aspects of the investigation," Gupta said.

Addressing the media here, he informed that no time frame has been set for the CBI.

"While the Serious Fraud Investigation Office (SFIO) under his ministry had been given three-months to wrap up its probe into the Satyam scam, no time frame has been set for CBI," Gupta said.

He refused to launch an investigation into accounts of the companies audited by Price Waterhouse, the statutory auditors for Satyam.

"There would not be any investigation into the accounts of the companies audited by Price Waterhouse. The Reserve Bank of India (RBI) has issued an advisory to banks on October 2004 not to engage Price Waterhouse for audits after unearthing of accounting deficiencies in Global Trust Bank (GBT), whose account it was auditing," he said.

Gupta said he was concerned about the future of Satyam's employees.

"We are concerned about the 53,000 employees of Satyam. The Institute of Chartered Accountants of India was also examining the role and the conduct of the statutory auditors for the company," Gupta informed.

Andhra Pradesh Police on Monday issued an order recommending a CBI probe into the scam. (ANI)