15 Mar 2009 PTI
NEW DELHI: The CBI appears to have got hold of evidence to prove how Satyam Computer's revenues were inflated and has sent its officials to Mumbai to probe the role of regulators in the case pertaining to the Rs 7,800 crore accounting fraud in the IT firm.
Official sources said that a CBI team was in Mumbai to understand the share transactions of the Satyam group of companies on the National Stock Exchange and the Bombay Stock Exchange.
They said the modus operandi used by the accused involved generating fake invoices and further showing the imaginary money as being pumping into the financial system and showing profit which was never there.
CBI, at present, is questioning the disgraced former Chairman of Satyam, B Ramalinga Raju, and four others, including the suspended auditors of Price Waterhouse. Their custody was handed over to CBI recently.
Besides Ramalinga Raju, his brother Rama Raju, Satyam's former CFO Srinivas Vadlamani, G Gopalakrishnan and Srinivas Talluri have been arrested in the case.
The agency was probing the rotation of funds and role of front companies used in rotation of funds, the sources said, adding that besides this, the conduct of the regulators was also being probed and if need be, some officials may also be probed.
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