Hyderabad, July 20: Andhra Pradesh High Court on Tuesday granted bail to B Rama Raju and three others accused in Satyam scam.
B Rama Raju was the former MD of erstwhile Satyam and is the brother of the chief accused in the Satyam case B Ramalinga Raju, the founder of Satyam Computers and its chairman until January, 2009.
The multi-billion Satyam scam, which had hit the headlines in early 2009, washed away over Rs 14,000 crore from the investors’ kitty while the accused Ramalinga Raju and his relatives had allegedly made a handsome Rs 2,700 crore through fraudulent dealings in shares.
Corporate Affairs Minister Salman Khurshid recently said that there is no duplication in simultaneous investigations being done by CBI and Enforcement Directorate (ED) into the multi-crore Satyam Computer scam. “It (the investigation) is not duplicating. It is complimenting and supplementing each other. ED looks for any misuse of funds violating the financial legislation and CBI is looking at IPC violation and we (Corporate Affairs Ministry) are looking for company law violations,” he said.
Khurshid added that the Satyam case, which came to light in January 2009, is being coordinated by CBI and supervised by the Solicitor General of India.
——–Agencies