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Court extends judicial custody of Satyam accused till July 22

By Super Admin
Google Oneindia News

Hyderabad, July 8 (ANI): A local court on Wednesday extended the judicial custody of former Satyam Computers chairman B Ramalinga Raju and other accused in connection with the 7,800 crore fraud at the IT major till July 22.

The accused-Ramalinga Raju, his brother and Satyam's former managing director Rama Raju, ex-CFO V Srinivas, former partners of Price Waterhouse S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam-were produced before the XIV additional chief metropolitan magistrate.

All are lodged at Chanchalguda Jail here.

Suryanarayana Raju, who is on anticipatory bail, was also produced in the court.

Ramalinga Raju allegedly admitted overstating its cash reserves by USD 1.5 billion dollars.

Later, allegations have been made that the company's assets were not inflated, but instead siphoned off by Ramalinga Raju.

Raju is currently held in Hyderabad's Chanchalguda Jail on criminal charges including fraud, forgery, cheating, embezzlement and insider trading. (ANI)

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