Satyam’s Ramalinga Raju, brother arrested
By IANSThursday, January 8, 2009
HYDERABAD - The Andhra Pradesh police Friday night arrested disgraced former founder-chairman of Satyam Computers B. Ramalinga Raju and his brother and former company managing director B. Rama Raju.
The Criminal Investigation Department (CID) of the state police arrested Ramalinga Raju and Rama Raju on charges of ‘criminal breach of trust, criminal conspiracy, cheating, falsification of records and forgery’, Director General of Police S.S.P. Yadav told IANS.
The two brothers accompanied by their lawyer S. Bharat Kumar reached the state police headquarters and surrendered before the police. They were interrogated by CID personnel for some time before being arrested.
Their move came after a criminal case was registered against them by the CID in the Rs.70 billion financial fraud in the company.
The case was registered under the Indian Penal Code (IPC).
The police are likely to produce them before a magistrate Saturday morning.
Raju quit as chairman Wednesday while admitting that the company cooked its books resulting in an ‘inflated (non-existent) cash and bank balances’ over several years. His brother Rama Raju has also quit as managing director.
