Raju bought land for sons

Udumula Sudhakar Reddy
13th jan 2009
The Crime Invest igation Department (CID) suspects that Satyam exboss Ramalinga Raju might have diverted the company funds for purchasing assets in companies floated by his sons.
CID sleuths termed the Satyam scam a “monumental fraud” while seeking custody of the Raju broth ers before the sixth additional chief metropolitan magistrate on Monday.
Police have impounded the passports of the Raju brothers as well as the exchief financial officer, Mr V. Srinivas, and are seeking details from banks to freeze their accounts.
The CID also felt that such a gigantic fraud could not have been perpetrated without the connivance of other directors.
According to the investigating officer, the deputy superintendent of police, Mr Balaji Rao, attempts were being made to trace the investments of Raju brothers in other companies.
In the written statement before the magistrate, Mr Balaji Rao said that the two “high profile brothers” had several offices in many foreign countries. “The investments and properties acquired by the accused in many countries are to be elicited,” he said. “They have accounts in various banks in India and abroad, all details have to be collected and scrutinised.” The CID said the brothers had admitted to Rs 8,000crore fraud and Mr Raju had also confessed that his family owned 100 acres of farmland in West Godavari, Krishna and Ranga Reddy districts apart from a grape garden of 20 acres in Ranga Reddy district.
In its remand diary, the CID alleged that the Raju brothers were responsible for fabrication of records and manipulation of accounts books of the company. “It is not possible for a single individual to commit such a massive fraud without the connivance of other directors,” the agency said. “The role of directors and chartered accountants has to be probed.” It turned out, however, that the CID has lifted news reports of banks declining to comment on freezing of Satyam accounts verbatim in the remand dairy.
CID officials have named as witnesses, Mr Karthik Sankaran, 36, a businessman and resident of Golconda Crossroads, Mr Abbas Hussain, 40, of Begumpet and Mr V. Narendar Reddy, a senior assistant in sub registrar office, as witnesses.
Meanwhile, Mr Anil Uttarwar, the head of Maytas Infra’s corporate communications, said that the claim of CID on Mr Raju diverting Satyam funds to companies of his son was false.