The Hindu : Andhra Pradesh / Hyderabad News : Raju’s arrest planned to avoid SEBI

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Andhra Pradesh

Andhra Pradesh - Hyderabad

Raju’s arrest planned to avoid SEBI

A. Saye Sekhar

K. Narayana wants simultaneous probes by agencies

Any agency can question Raju only after he is released on bail
‘The agency has to approach court if it wants to question him’

HYDERABAD: The surrender and subsequent arrest of former Chairman of Satyam Computers B. Ramalinga Raju on Friday has virtually prevented him from appearing before the Securities and Exchange Board of India (SEBI) and other investigating agencies.

The prevention of access to Mr. Raju by any agency is surely part of the “well-sketched plan”, for only those who accelerated the process of arrest knew the timing of the surrender and custody. At least, this is a doubt CPI State secretary K. Narayana has expressed. He sought the probes to be carried out simultaneously.

The SEBI investigation team directed Mr. Raju’s lawyer Bharat Kumar to ensure that his client was produced before them at 4 p.m. on Saturday.

More skeletons would have tumbled out from the Satyam boss’ cupboard in the parallel investigations by Registrar of Companies (RoC), Serious Frauds Investigation Office (SFIO) and Central Board of Direct Taxes (CBDT).

“It is only after Mr. Raju is released on bail can any agency question him,” said Mr. Bharat Kumar. As a result, the prospect of all other agencies questioning Mr. Raju and his brother B. Ramaraju is blocked for now.

Asked if the SEBI team could meet Mr. Raju for eliciting information, Inspector-General of CID V.S.K. Kaumudi said: “The accused persons are in our custody. If any agency wants to question him, they have to approach the court.”

Confabulations

Soon after Mr. Ramalinga Raju sent in his confession-cum-resignation to the Board of Directors of the company, it is said that some lawyers and police officials have begun “working closely with him” to chart out next course of action. Some “very senior” police officials secured the list of politicians to whom Mr. Raju “lent” huge amounts, but none would officially confirm it.

Now the probing agencies are working on whether the holes in the books were natural or “pierced” and whether the figures were actually inflated, widening the scope of investigation.

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