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Govt asks SFIO to probe into Satyam scam

Written by: Staff
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New Delhi, Aug 18: The government has ordered Serious Fraud Investigation Office (SFIO), the investigative arm of the Corporate Affairs Ministry, to investigate the Satyam Computer fraud case to trail the funds which siphoned off from the company.

Sources said that SFIO, which submitted a detailed report on the Rs 10,000-crore Satyam fraud to the Government in Apr 2009, will soon begin probe into diversion of funds by the promoters of the company.

SFIO's 14,000-page report have not been able to track the chain of events leading to diversion of funds in the Satyam case, sources added.

"They (Ministry of Corporate Affairs) have asked SFIO to look at another aspect of the case, that is siphoning of funds...orders for which have been issued on Friday," sources said.

However, the investigation body, did discover violation of various provisions of the Companies Act and Indian Penal Code and recommended prosecution of promoters of Satyam, including its founder B Ramalinga Raju.

OneIndia News

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