Ramalinga Raju’s brother surrenders in court

Saturday, March 7, 2009

HYDERABAD - B. Suryanarayana Raju, the younger brother of disgraced founder of Satyam Computer Services B. Ramalinga Raju and who had been on the run since the $1.43 billion financial scam in the company broke, Saturday surrendered in a court here.

Suryanarayana Raju gave himself up before Fourteenth Additional Chief Metropolitan Magistrate S. Samuel Victor Emmanuel, who released him on bail on a bond of Rs.10,000 and two sureties of equal ammount. He also surrendered his passport to the court.

Suryanarayana Raju is the chairman of SRSR Advisory Services, floated by Ramalinga Raju to manage the family’s stake in Satyam.

A court had Thursday granted anticipatory bail to Suryanarayana Raju on the condition he surrendered within 10 days before the magistrate hearing the Satyam case following the transfer of investigations to the Central Bureau of Investigation (CBI).

While granting anticipatory bail, Fourth Additional Metropolitan Sessions Judge T. Easwara Rao had also barred Suryanarayana Raju from leaving Hyderabad and asked him to make himself available to the CBI for interrogation.

The prosecution had contended that Suryanarayana Raju was a director in 50 of the 357 companies floated by Ramalinga Raju.

D. Gopalakrishnam Raju, general manager of SRSR Advisory Services who was arrested in the fraud case and later released on bail, had confessed to investigators that he was cooking the books on Suryanarayana Raju’s instructions.

Meanwhile, the magistrate extended by 14 days - till March 20 - the judicial custody of Ramalinga Raju, his brother B. Rama Raju, who was Satyam’s managing director, the firm’s former chief financial officer Vadlamani Srinivas and two former Price Waterhouse auditors - Gopalakrishnan and Srinivas Talluri.

Filed under: India, Satyam

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