New Delhi: After charge-sheeting Ramalinga
Raju and others in the multi-crore rupee accounting fraud at
Satyam, the CBI is trying to ascertain the role of 'hawala'
operators who allegedly brought in crores of rupees from
abroad.
CBI sources said involvement of hawala operators had
surfaced during its probe in Satyam fraud since a lot of money
was siphoned off from the company and parked in tax havens.
The same money is alleged to have been brought back into
the country through non-banking channels, they said.
The Economic Offences Wing of the CBI is looking into
the role of alleged illegal money laundering network with the
help of other agencies, including Enforcement Directorate and
market regulator Sebi in India, and abroad.
Hawala is a term to define illegal exchange of money,
including through non-banking channels.
The CBI sources alleged Raju had fraudulently increased
the number of employees in its offices in India and abroad
thus giving broader scope for the use of hawala network.
The United States Securities and Exchange Commission
(SEC), the federal agency to regulate the securities market
in that country, has also sought India's permission to probe
the fraud.
SEC, which is Sebi's counterpart in the US, has been
probing the fraud at Satyam in that country including
involvement of hawala operators, as Satyam Computer is listed
in the New York Stock Exchange.
Bureau Report
First Published: Thursday, July 23, 2009, 22:32