CBI arrests three more in Satyam fraud case

The Central Bureau of Investigation (CBI) on Sunday night arrested three more persons in connection with the Rs 7,800-crore corporate fraud scam in Satyam Computer Services Ltd.

They are Satyam’s Vice-President (Finance) G Ramakrishna along with D Venkatapathi Raju and Srisailam, who were also working in the finance department, with allegations that they had prepared fake monthly bank statements and other documents, a CBI official informed.

Earlier, the Andhra Pradesh Police had arrested six persons including Satyam founder B Ramalinga Raju, his brother Rama Raju, former chief financial officer Srinivas Vadlamani, SRSR Advisory Services general manager Gopalakrishnam Raju and Price Waterhouse auditors S Gopalkrishnan and Srinivas Talluri pertaining to their alleged involvement in India’s biggest ever corporate scam.

The name of G Ramakrishna unmasked at the time of interrogation on Sunday with Satyam’s former CFO Vadlamani, sources informed.

Hyderabad-based IT export firm, Satyam suddenly plunged into turmoil in January when its founder and former chairman B. Ramalinga Raju revealed to have inflated with the balance sheet of Satyam in last seven years. After the acceptance of Raju for performing illegal task, the shares of Satyam sank below by more than 70% in the Indian bourses.