Satyam scam: No bail for Raju

vIndinaz.com (23 Feb, 2010) — Hyderabad: Andhra Pradesh High Court recently rejected the bail plea of Satyam Computers founder B Ramalinga Raju, the prime accused in the multi-crore financial fraud in the IT firm.

The bail plea of Senior Vice President-cum-Global Head of Internal Audit Cell in Mahindra Satyam, V. S. Prabhakar Gupta, was also rejected by Justice P Swarup Reddy.

Gupta, who held the same position in the Satyam Computers Services Limited, was arrested on November 21 on charges of falsifying accounts and conspiring with other accused in the case.

In his bail application, Ramalinga Raju said the entire investigations in the Satyam case has been completed and that chargesheets were also filed.

As the chargesheet contains thousands of documents, he is not able to go through it and unable to meet his counsels to prepare for his defence due to his ill-health, Raju informed the court through his counsel.

Gupta also made a similar request to the court.

However, the CBI informed the High Court that granting of bail to the duo would hamper its investigation as it was awaiting additional reports from the courts in the UK, the US and some European countries on diversion of funds by the accused.

The judge later rejected the duo’s contention and observed that in view of the objection raised by the CBI and also considering the nature of the scam, he is not prepared to enlarge the petitioners on bail.

Ramalinga Raju was arrested in January last year after his admission of accounting fraud and since then he was in jail. Presently, he is undergoing treatment for his ailment at NIMS hospital in Hyderabad, according to Press Trust of India.

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