New Delhi: A Serious Fraud Investigation
Office (SFIO) team will visit Hyderabad soon to enquire into
the siphoning of funds by promoters of the IT company Satyam.
The SFIO team, sources said, will be meeting officials
of the Central Bureau of Investigation (CBI) which is also
probing the Satyam fraud.
"The visit is with the view to have a better
coordination with the CBI working there. Discussions would be
held regarding the various aspects of the fraud at Satyam,
especially, to gather insight into the findings of the CBI in
the money-siphoning case," an official source said.
The SFIO, the investigative arm of the Corporate
Affairs Ministry, has been asked by the government to probe
the angle of siphoning of money by the promoters of Satyam and
submit its report by October.
The investigation would require the SFIO to check the
accounts of over 350 companies and 700 to 800 bank accounts.
Besides visiting the headquarters of the IT company,
which has been taken over by Tech Mahindra, the SFIO team
would meet representatives of some local companies which
had dealings with Satyam.
In April, the SFIO had submitted a preliminary report
on the Satyam fraud to the government. The report, spread over
14,000-page, however, has not been able to track down the
chain of events leading to diversions of funds, sources said.
The report also did not give any indication about the
beneficiaries of third-party transactions totalling about
Rs 600 crore. Similarly, the end use of funds raised through
American Depositories Receipts worth USD 100 million have not
Talking to reporters in Hyderabad last week, Corporate
Affairs Minister Salman Khurshid said, "there are still some
aspects to be reported on and the final report will now come."
The minister dismissed media reports that the government
was not satisfied with the preliminary report submitted by the
SFIO. "There’s no question of not being satisfied with the
report," he had said.
The SFIO in its preliminary report showed violations of
various provisions of the Indian Penal Code like criminal
breach of trust, forgery and cheating.