Central Bureau of Investigation to probe Satyam fraud

New Delhi, Feb 17 (ANI): Corporate Affairs Minister P. C. Gupta has said the Central Bureau of Investigation (CBI) would probe the Satyam fraud.

Other investigative agencies probing the fraud however would continue with their work, Gupta said.

"The case has been handed over to CBI. As far as Serious Frauds Investigation Office (SFIO) and other investigative agencies are concerned, they will continue to carry on with their job. The CBI would look into all aspects including the criminal aspect," he added.

Satyam, India's software exporter ranked fourth, was plunged into a crisis after its founder-Chairman Ramalinga Raju quit after disclosing that profits had been overstated for years and $1 billion of cash and bank balances did not exist.

Ramalinga Raju, his brother Rama Raju, former Chief Financial Officer Srinivas Vadlamani were subsequently interrogated and are currently held in a jail in Hyderabad.

Satyam shares have fallen sharply since mid-December, first on a planned deal to buy related companies and then after founder Ramalinga Raju quit on January 7, disclosing profits had been overstated for years. (ANI)