Satyam scam: ED seizes Raju properties worth 1k cr

Posted By: Staff
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Hyderabad, Aug 26: The Enforcement Directorate seized 287 properties worth Rs 1,000 crore belonging to the Ramalinga Raju brothers of scam-hit Satyam Computers on Tuesday, Aug 25.

The ED took over the assets on the grounds that the properties were acquired with the scam money, TNN report said.

The attachment would considered these properties ineligible for any sale, mortgage and any other similar transaction.

ED officials also seized 38 lakh Satyam shares from SRSR Holdings which is said to be worth Rs 24 crore in the current market price.

The properties attached were shown as agricultural by the Rajus but in reality are prime commercial plots in and around Hyderabad, Chennai , Bangalore and Nagpur.

The ED's attachment order, issued on Aug 18, states that the accused had purchased these properties with an amount of Rs 170 crore in the name of 80 companies they floated between 2005 and 2009.

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