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SFIO submits Satyam fraud report to govt, say sources
April, 14th 2009

The Serious Fraud Investigation Office is believed to have completed the investigation of the Satyam-fraud case and submitted its report to the government.

"The deadline was April 13. The report has been prepared and submitted today," sources said but no official confirmation could be obtained from the ministry of corporate affairs.

The sources said the SFIO has not been able to track the chain of diversion of funds in the Satyam case, but have found some violation of the provisions of the Companies Act by its disgraced founder chairman B Ramalinga Raju.

The report, which runs into over 3,000 pages, mainly deals with violations of sections 211, 205, 309 and 628 of the Companies Act, sources added.

These sections pertain to provisions relating to payment of dividend, presentation of true and fair picture of the affairs of the company, remuneration of directors and presenting false statements.

After the confessions made by Raju regarding the multi-crore fraud on January 7 at Satyam Computer Services, the government had ordered investigation into the scandal by the SFIO on January 13.
The SFIO is an arm of the MCA that probes cases of economic offences of grave nature.

 
 
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