Hyderabad, Jan. 31 Investigating agencies probing the Rs 7,136-crore scam at Satyam Computer Services have stumbled on key bank transactions that show fund flow from Satyam to some of the front companies of Mr Ramalinga Raju and his close relatives.
In November 2008, about half a dozen companies received funds to the tune of nearly Rs 25 crore from Satyam.
Two leading banks were among the banks which were in the picture for the transactions.
The State CID, which is spearheading the investigation, has reportedly found forged fixed deposits of over Rs 3,000 crore during 2008 alone.
The forged documents and corroborating bank statements have been obtained, they claimed.
According to sources in the investigating agencies “We are looking for flow of funds from Satyam to nearly 40 companies, which formed the core of the land business carried out by the Rajus in the past couple of years”.
‘Insider trading’
The investigation is also focussing on the allegations of insider trading in the period before the failed December 16 Satyam Board decision to buy out the Maytas twins.
There are enough pointers to insider trading by the Satyam promoters and the companies floated by them and their relatives, which need to be established, they said.
Meanwhile, Mr Ajay Nath, Director of the Serious Fraud Investigation Office (SFIO), under the Union Ministry of Corporate Affairs, on Saturday met top officials of the State CID and Government to get a hang of the ongoing probe.
The bail applications of Mr Ramalinga Raju, Mr B. Rama Raju (ex-CEO) and Mr V. Srinivas (ex-CFO) will be moved based on a city court’s orders of suspended Price Waterhouse partners Mr S. Gopalakrishnan and Mr Talluri Srinivas.
The bail orders of Mr Gopalakrishnan and Mr Srinivas are expected on Monday.
Custody extended
Meanwhile, the VI Additional Chief Metropolitan Magistrate, Mr D. Ramakrishna, on Saturday extended the judicial custody of Mr D. Gopalakrishna Raju, former General Manager of SRSR Advisory Services, till February 7.
According to Defence Counsel, Mr Ravinder Reddy, the bail application of Mr Gopalakrishna Raju will also be moved on Monday.
The court had earlier ordered that the Raju brothers and Mr Srinivas be in judicial remand till February 7.
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