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Andhra Pradesh
Raju admits to funds diversion
HYDERABAD: Former Satyam chairman B. Ramalinga Raju reportedly confessed to having diverted funds from the company to two other entities, Maytas Properties and Maytas Infra, promoted by his sons.
A top police source indicated that the fudging of accounts, as admitted by Mr. Raju in his letter to the board of directors, was apparently a red herring and the fraud encompassed land transactions running into hundreds of acres. The questioning by CID sleuths is understood to have yielded these crucial leads. Meanwhile, the interrogation of his brother Rama Raju and former Chief Financial Officer of the company, Srinivas Vadlamani, continued for the third day on Tuesday at the DGP’s office.
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