M A I N   N E W S

Chairman Raju, brother surrender before police
Suresh Dharur
Tribune News Service

Hyderabad, January 9
In a dramatic turn of events, Satyam Computer former chairman B Ramalinga Raju and his brother and former director Rama Raju surrendered before the police here tonight.

Two days after making a disgraceful exit and admitting to a massive fraud, Raju drove to the office of state DGP SSP Yadav and gave himself up.

Accompanied by his lawyer and a few close associates, Ramalinga Raju arrived at the DGP’s office around 9 pm. The police soon took him into custody.

The surprise development came soon after the state CID registered a case against Raju in connection with the scandal.

As the news about the Union government’s announcement regarding superseding the Satyam board trickled in, the police headquarters received the information that Raju was willing to surrender and subject himself to the process of law.

The former founder-chairman of Satyam is scheduled to appear before a team of Securities and Exchange Board of India (SEBI) here tomorrow.

Earlier in the day, the noose tightened around Raju with SEBI and CID commencing parallel probes into the Satyam fraud.

Raju’s lawyer S Bharat Kumar went to Satyam headquarters today and informed the SEBI panel that his client was unwell, but assured full cooperation to the regulatory and investigating authorities. He informed the panel that Raju would depose before it tomorrow.

Meanwhile, the state CID has started investigation into the fraud following orders from the state government, which has come under increased pressure to act. The opposition parties have been targeting Chief Minister YS Rajasekhar Reddy for “showering favours” on the firms belonging to Raju’s family.

The DGP held a meeting with CID ADG A Sivanarayana, IG (economic offences wing) VSK Kaumudi and other senior officials to review the case.

Later, he had a meeting with the Chief Secretary P Ramakanth Reddy regarding the case amid speculation over Raju’s imminent arrest.

Meanwhile, the Chief Minister held a high-level official meeting and asked the Chief Secretary to immediately evaluate the risks for the successful and timely completion of the projects awarded to Maytas, promoted by Raju’s son B Teja Raju.

Maytas-led consortium has been awarded several projects, including the Rs 12,000 crore Hyderabad Metro Rail project, Rs 1,500 crore Machlipatnam Deep Water Project, the Godavari Drinking Water Scheme to the twin-cities and a few major and medium irrigation works. There are fears that the mega projects may slow down following Satyam fiasco.



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