Raju bought 3,800 acres

Udumula Sudhakar Reddy
23rd jan 2009
The CID has found out that ex-Satyam boss, Mr Ramalinga Raju, had transferred most of his shares in the company to his brother, Mr B. Suryanarayana Raju and mother, Mrs B. Appala Narsamma.
Further, sleuths informed the sixth additional metropolitan magistrate court that Mr Ramalinga Raju had confessed to purchasing huge tracts of lands in and around the city in his name as well as that of his family members by diverting funds.
The lands were purchased with the help of one Mr Akula Rajaiah, who is believed to have been the mediator.
CID officials who scrutinised land documents seized from the houses and offices of Mr Ramalinga Raju, his family and associate firms such as SRSR Holdings estimated that around 3,400 acres of land were purchased.
These lands had been bought up in the names of Mr Ramalinga Raju’s family members, companies and other benami identities. There were 478 acres in name of Mr Akula Rajaiah and 312 acres in names of Mr Suryanarayana Raju and Mrs Narasamma.
Lands had also been bought in the name of one Jayasree. CID officials are checking her links with Mr Ramalinga Raju.
Most of the lands were bought in 2006 and registrations were spread over many months. There were also some purchases in 2008.
“We have seized four boxes of documents from SRSR Holdings and SRSR Advisories,” said a CID official.
Officials said the modus operandi was very simple. Mr Rajaiah used to buy lands from farmers and get general power of attorney in his name. Later, he sold the lands to Mr Ramalinga Raju’s family.
“They also bough lands through government auctions as well as through realtors,” said the CID official.
Meanwhile, CID officials who visited Satyam Computer Services came face to face with the umpteen grievances of employees.
“The company had not paid the medical insurance premium for the employees and so they will not get treatment facilities,” said an investigator. “Older employees are nervous about the prospect of being sacked.” Meanwhile, raids are continuing in the Satyam Shivam Sundaram block where Mr Ramalinga Raju and front firms have houses and offices.