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| Raju brothers sent to judicial cust |
| Raju brothers sent to judicial custody till January 23
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| INDIA
, 10-January-2009
7:11:31 AM |
| The Raju brothers have been remanded to judicial custody till January 23 after being brought to West Marredpally judges quarters in Secunderabad and will be taken to the Chanchalguda jail.
Petition for Ramalinga Raju's police custody will be heard on Monday. He will also be examined by a doctor in the jail.
Ramalinga Raju, along with his brother, was arrested after the government took coordinated action on the IT company that has become the centre of the biggest financial fraud in our country.
Raju may have owned up to the Rs 7,000 crore fraud, but he's not going down alone. After arresting him and his brother, the CID has confirmed that company's chief financial officer Srinivas Vadlamani will be the next one facing arrest.
Speaking to NDTV, Corporate Affairs Minister P C Gupta said, "Meeting with SEBI chief over Satyam case details is on. All actions on Satyam is being coordinated with SEBI."
Ramalinga Raju and his brother Rama Raju were arrested on Saturday night. The Andhra CID officials grilled them all night. The two will be produced in court on Saturday.
The interrogation of Raju was reportedly focussed on whether anyone else in the board of directors was aware of this fraud and since when he has been fudging the company's accounts. Raju was reportedly calm throughout the interrogation.
"We have been conducting our enquiry and visiting some of the premises late in the evening. Mr Lingaraju and his brother have been taken into custody. Investigation is going on," said V S K Kaumadi, IG, CID, Andhra Pradesh Police.
Market regulators SEBI also has representatives in Hyderabad to meet Raju and sources say the arrest was a coordinated move by the government registrar of companies and SEBI.
Three days ago, Raju, Satyam's founder and chairman had resigned from the company after confessing to one of India's biggest financial frauds.
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