Satyam scam: Did Raju launder cash before lid lifted?

 

Source:ET,28 Mar 2010, 1720 hrs IST,Sagar Kumar Mutha,TNN


HYDERABAD: In a sensational disclosure, a whistleblower has told CBI probing the multicrore Satyam scandal that the six bank accounts and fictitious firms that the company’s disgraced chairman and prime accused B Ramalinga Raju had floated in London had served their purpose and were liquidated long before the scam came to light in January 2009.

‘‘ The six companies and bank accounts which were operated from London were started in 1999 and closed down just before the listing of Satyam’s American Depository Rights on New York Stock Exchange in May 2001. These accounts and fictitious firms were clearly part of Raju’s modus operandi to divert Satyam scam money,’’ whistleblower said.

CBI sources said the whistleblower , in his late forties or early fifties, contacted the agency on his own and his statement is being currently recorded . ‘‘ Since these benami accounts no longer exist, this person will be able to provide us valuable leads as to the trail of the money that were in these accounts,’’ a CBI official said.

While CBI remained tightlipped about the identity of the whistleblower, STOI has been able to gather that he is a Hyderabadi-origin UK national settled in London and was once associated with the company’s UK operations. ‘‘ CBI got acquainted with this individual while it was pursuing its investigations into suspected moneylaundering activities of Ramalinga Raju abroad,’’ the official said and added some close family members and relatives of this mysterious individual still live in Hyderabad.



The CBI is still awaiting responses to the letters rogatory sent by Indian courts to six countries seeking their cooperation in unearthing the trail in the moneylaundering of Satyam scam money. The requests were sent to courts in US, UK, Belgium, Mauritius, Singapore and British Virgin Islands. CBI sources said it may take a few more weeks for responses to arrive from these countries as the courts there have to still complete the formality of recording statements of those connected to the foreign accounts there.

‘Legalities taking time’

Even as next hearing of Satyam scam was posted to March 31 by a special CBI court, Union minister of state for corporate affairs Salman Khurshid said: ‘‘ Sometimes , legal system takes its own time.. I can tell you that it is high priority for us that we do it as quickly as possible, so that the world knows that not only did we get back on our feet, but also made sure that people are accountable,’’ he said.