HYDERABAD /MUMBAI : Satyam Computer Services’ Chief Financial Officer Srinivas Vadlamani has given a new turn to ongoing investigations by confessing to having created around 10,000 artificial jobs in the company.
He told CID officials interrogating him that this helped in drawing around Rs 20 crore per month from the related but fictitious salary accounts. Though Srinivas claimed that the fake jobs were created from 2004 onwards, CID officials are looking into Satyam’s history right till 2001.
A source close to the investigations said that even the firm’s founder B Ramalinga Raju, while being interrogated at Masab Tank, confessed to having not only diverted Satyam money to Maytas Infra and Maytas Properties, but also invested in lands in Hyderabad and Visakhapatnam.
In fact, the Company Law Board directed Raju and four others on Wednesday not to sell shares and other properties without its permission, apparently worried that they might liquidate assets.
SEBI doesn’t know extent of fraud
Meanwhile, market regulator SEBI said on Wednesday that it was finding it difficult to ascertain the extent of the fraud in scam-hit Satyam Computer Services because it has not yet been able to interrogate Raju.
The ex-chairman of Raju was arrested soon after his confession to a massive fraud and is in police custody – making it difficult for the SEBI team to access him. The police are seeking extension of custody and their plea would be decided on Thursday by a Hyderabad court, which would also determine if a SEBI team can interrogate Raju.
SEBI has also asked promoters of listed companies to disclose if they have pledged shares with lenders. The notice comes after it was found that Raju had pledged nearly all his shares.
Agencies
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