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Hyderabad News.Satyam Scam. ED on Trail of Funds Stashed abroad. Sends Letters Rogatory to 34 Countries

Hyderabad News. TOI 15.05.2010


(Excl Ventures News.)

Letters rogatory prepared by the enforcement directorate (ED) were sent to 34 countries seeking details of bank accounts of erstwhile Satyam Computers by metropolitan sessions judge of Hyderabad,M Vijayalakshmi on Thursday.

The ED Hyderabad zone authorities probing the Satyam scam filed the LRs in the MSJ court after collecting information on the overseas links of Satyams former chairman B Ramalinga Raju.

Invoking the provisions of both Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA),  the ED filed these letters seeking statements and documents connected to these accounts through the court.The Hyderabad court has sent these letters to the courts concerned in these 34 countries which in turn will summon the concerned persons,collect documents,record their statements and return them to the court here.

The countries to which these LRs were sent include Spain,Denmark,Thailand,The Netherlands, South Africa, Italy, Malaysia, USA,  Australia, UK, Belgium, Switzerland, Mauritius, Japan, Hongkong and Singapore.

Apart from this, the ED is also looking at issues pertaining to eight wholly-owned subsidiary companies belonging to Ramalinga Raju. It is probing why Raju acquired these companies at exorbitant rates.





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It can be recalled that CBI had already mentioned in one of its charge sheets in Satyam scam about how Nipuna, the Satyam BPO, was bought for a hefty price.

An ED team is likely to go to some of the countries to personally monitor the probe.

The role of certain financial services companies are also under scanner,for instance, the J M Financial Services which had allegedly helped artificially hike the low share value of these subsidiaries.

This was done to justify the heavy prices paid by Raju company to own these subsidiaries, sources said.

The letters rogatory will have to be routed through the ministry of Indian external affairs and hence may take some time to get the actual results.

The CBI,which is also probing into the scam,had earlier sent similar letters to six countries and is hoping to get significant information on foreign accounts held by Satyam Computers from British Virgin Islands,one of the six countries.




Comment :

The strategy in buying companies at exhorbitant rates is simple. Remeber Raju''s buying  India World websites for 500 Crore during Internet Boom in early Nineties. The website would not have been worth more than 5 Crore. Naturally 495 Crore extra paid by Satyam, flows back to Raju and his shell companies. 

Keyword TagsHyderabad News,Satyam Scam, Ramalinga Raju,
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