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CBI focuses on overseas accounts of former Satyam chief Raju
June, 01st 2009

The CBI, probing the multi-crore rupee financial scam in Satyam Computer, is likely to approach the US, Mauritius and some European countries to seek details of bank accounts of the firm's tainted founder Ramalinga Raju and his kin in those nations. While the agency was preparing documents for sending a Letters Rogatory to the US, CBI sources said a similar exercise would be undertaken for countries like Mauritius and a few tax havens in Europe.

A letters rogatory is a request for judicial assistance.

Sources said that the money was routed back to India through some banks in the United Kingdom and the remittances to these banks were made from these tax havens.

The sources said that Raju had likely converted money in several salary accounts into fixed deposits in four banks and transferred them to banks in Mauritius.

This money was ultimately routed through Lakeside Investments and Lakeview Investment companies to front companies including Maytas Infra and Maytas Properties.

CBI sources said the process of sending the Letters Rogatory to the US Justice Department seeking details of Raju's accounts in Bank of Baroda's New York branch, besides seeking the American authorities' help to obtain the details of Raju and his kin's accounts, believed to be in Bank of America, is on.

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