Satyam scam mastermind Ramalinga Raju gets bail
Ramalinga Raju, the founder and the former managing director of erstwhile Satyam Computers was on Wednesday, Aug 18 given bail on the condition that he should stay in the hospital.
This comes less a month after the HC granted bail to five other accused in the case including B Rama Raju, co-accused and brother of Ramalinga Raju, Vadlamani Srinivas, former chief financial officer, and three other employees of Satyam, namely G Ramakrishna, Ch Srisailam and Venkatapathi Raju.
In his bail application filed on Jul 27, Ramalinga Raju pleaded for his release over health reasons along with mentioning the fact that the five other accused have already been released on bail.
The Central Bureau of Investigation (CBI), on the other hand, argued that the main accused should not be released as he could tamper with the evidence and influence witnesses.
Ramalinga Raju confessed to the multi-billion dollar corporate scam in Jan 2009. His confession letter became the basis of investigation of the scam was carried out with the involvement of Satyam top-brass and its auditors.