SFIO to check books of 350 firms to track down Satyam funds
New Delhi: The Serious Fraud Investigation
Office (SFIO) will scrutinise the balance sheets of over 350
companies and 800 bank accounts to track down the money
allegedly stashed abroad by the promoters of fraud-hit Satyam
The SFIO, the investigating arm of the Corporate Affairs
Ministry, may seek more time to complete investigation and
submit its report on the movements of funds.
The agency has been asked by the ministry to probe the
angle of siphoning off of money in the Satyam fraud and submit
its report in two months.
"The investigation could take time as the financial
accounts of over 350 companies need to be reinstated and over
700-800 bank accounts need to be checked, which may take more
than two months. Inspections like these need months to be
completed," an official source told a news agency.
Ever since Satyam founder B Ramalinga Raju confessed to
the accounting scam in January this year, there have been
suspicions about funds having been shifted overseas.
The SFIO submitted a detailed report on the fraud to the
government in April, but sources say that the SFIO`s
14,000-page report has not been able to track down the chain
of events leading to diversions of funds.
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