Raju floated 325 companies: SFIO

30 Jan 2009


HYDERABAD: The Serious Fraud Investigation Office (SFIO) has found that Ramalinga Raju floated about 325 companies to carry out various transactions.

The fresh list has more companies than the initial projection made by the I-T department, according to which Raju had promoted 275 companies.

The SFIO has now ordered the Registrar of Stamps and Properties to examine all land transactions pertaining to the 325 companies. The investigating agency has also asked the registrar to submit a report listing out details of the companies by the first week of February.

“More than 300 companies were raised by Ramalinga Raju and his family members across the state and other regions for carrying out transactions,” said Registrar of Stamps and Properties commissioner and inspector general B Aravinda Reddy.

This could perhaps mean that Raju’s land dealings extended beyond Hyderabad and Andhra Pradesh. At present, it is believed that Raju and his family own large tracts of land mainly in Ranga Reddy district, his native West Godavari district and Visakhapatnam district.

Three agencies, the Criminal Investigation Department (CID), the income-tax department and the SFIO, investigating the Rs 7,000-crore Satyam financial scam, are focusing on the land holdings of Ramalinga Raju and his family.

According to the list furnished by the I-T department, only 110 companies promoted by Ramalinga Raju have registered land dealings. Of the 325 companies, 40 other biotech, agro-farm, power and real-estate companies have been floated under the Maytas banner alone.

Officials from the Registrar of Stamps and Properties said that not all companies raised by the promoters of the Satyam group were for carrying out real-estate transactions. While only companies registered with the Registrar of Companies have to give a declaration of purpose at the time of registration, such a mandate need not be fulfilled when property is registered, Mr Reddy said.