Its Satyam Satyam all over and now a breaking news – Raju is untraceable! Even as a Securities and Exchange Board of India (SEBI) team reaches Hyderabad to investigate Satyam Computers’ Rs 7000 crore fraud, its disgraced chief, B Ramalinga Raju remains untraceable.
After admitting to committing a Rs 7,000 crore fraud on Wednesday, Raju faces arrest and could serve as many as 7-10 years in jail.
Amid mounting speculation over his whereabouts, Satyam management has said that it has no idea where Raju is.
Sources in the Hyderabad police have said that Raju had left for Texas on Wednesday morning from Hyderabad airport. Raju has not been seen in public ever since his confession, but TV reports suggest that he could have left for Texas.
There is a petition pending over his Maytas deal for which British Telecom’s Solutions firm – U-paid had demanded presence of Raju and senior directors of Satyam for questioning by its lawyers.
According to another TV report, Raju could also have left for Dubai, however, there is no confirmation.
Satyam’s former chairman is not reachable on his mobile phone.
Ramalinga Raju on Wednesday admitted to a Rs 7,000-crore fraud in the Hyderabad-based company and revealed that the balance sheet of Satyam had been inflated and that he would subject himself to the laws of the land.
On its part, the Hyderabad police said they would take action against him only if a shareholder or the regulator lodges a complaint. Raju had written a letter to the board giving details of the company’s balance sheet which has serious financial irregularities including inflated cash balances running into several crores of rupees.
Its doesn’t seems strange that he is untraceable & might had fled to some temporary shelter Its possible that certain vested interests have made him to spill out the beans. The best way out to ease this issue is to fled away for some time as people easily forgets in India & when matter gets cold surrender yourself to our weak & timid Judicial System.
Source: News channel and English Daily