Sucheta Dalal :Vasudevan's probe in Satyam case under cloud
Sucheta Dalal

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Vasudevan's probe in Satyam case under cloud  

November 24, 2009


The investigation by R Vasudevan, member of Company Law Board (CLB), into the multi-crore Satyam case has come under a cloud following his arrest on graft charges by the Central Bureau of Investigation (CBI), reports PTI.
The authorities are planning to review Mr Vasudevan's probe into the biggest corporate scam of the country, official sources said.
Mr Vasudevan, regional director of CLB in Chennai, was overseeing the Satyam probe following the superannuation of the Board chairman S Balasubramanian.
Doubts have been raised over his probe into the case after he was caught red-handed while accepting a bribe of Rs7 lakh for delivering a favourable decision, they said.
The CBI on Tuesday registered a case against Mr Vasudevan, company secretary Manoj Bhanthia and advocate Ankur Chawla for criminal conspiracy under various sections of the Prevention of Corruption Act, sources said.
Mr Vasudevan and Mr Bhanthia were remanded to police custody for six days by a Delhi court.
Meanwhile, the CBI on Tuesday filed a second charge-sheet in the multi-crore-rupee Satyam scam against the founder chairman of the company, B Ramalinga Raju, and others, including the recently arrested internal auditor of the company, VS Prabhakar Gupta.
As per the charge-sheet filed in the designated court at Hyderabad, "the accused forged board resolutions and unauthorisedly obtained loans to the tune of Rs1,220 crore for Satyam Computer. They also prepared fake invoices worth Rs430 crore".
The funds were routed back to India via European nations as ‘investments’ in nearly 300 alleged fictitious companies floated in the name of his relatives, the CBI said.
The CBI, which is probing the Rs10,000-crore accounting fraud at Satyam Computer Services, said its investigations revealed that Raju had diverted big amounts to Mauritius, from where the money was brought back to India via several European countries.
– Yogesh Sapkale
[email protected]

-- Sucheta Dalal