Satyam scam: Rama Raju, 3 others get bail

Last Updated: Tuesday, July 20, 2010 - 13:11

Zeebiz Bureau

New Delhi: A year after being booked in the India’s biggest corporate fraud case, B Rama Raju, co-accused - brother of prime accused B Ramalingam Raju - in the Satyam accounting fraud was on Tuesday granted bail by the Andhra Pradesh High Court.

Rama Raju was one of the founders of erstwhile Satyam Computers (now Mahindra Satyam after being acquired by the Mahindra).

Justice Raja Elango of the AP high court also granted bails to former chief financial officer Vadlamani Srinivas, and two other employees in the finance wing of erstwhile Satyam, Ch Srisailam and Venkatapathi Raju.

Earlier, solicitor general of India Gopal Subrahmaniam had urged the court not to grant bail to any of the key accused which would result in tampering of evidence and influencing the witnesses.

The High Court has last month rejected the bail plea of Ramalingam Raju.

With this, all Satyam accused except B Ramalinga Raju have got bails from various courts on different occasions.

Last month, the AP high court had granted bail to former Pricewaterhouse (PwC) auditor S Gopalakrishnana and former internal auditor Prabhakara Gupta.

In February, the Supreme Court had granted bail to another PwC auditor Srinivas Talluri. A city court, in March last year, granted anticipatory bail to B Suryanarayana Raju,
brother of Ramalinga Raju.

Rama Raju was arrested in January last year following admission of his brother Ramalingam Raju of cooking accounts of the IT company.

A CBI official earlier this month has told a news agency that the multi-billion Satyam scam, which shook the country in early 2009, washed away over Rs 14,000-crore money from the investors` kitty while the accused Ramalinga Raju and his relatives made a handsome Rs 2,700 crore through fraudulent dealings in shares

The investigators had found involvement of many Satyam top-brass and its auditors in the fraud. The case is being heard in a court in Hyderabad.

Apart from Ramaliga Raju, other accused include -- Ramaraju, V Srinivas, Gopalakrishnan, T Srinivas, B Suryanarayana Raju, G Ramakrishna, D Venkatapathi Raju, Srisailam Chetkuru and VSP Gupta.



First Published: Tuesday, July 20, 2010 - 13:11

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