Click to play videoHyderabad: The questions of Satyam founder and the former chairman of the software giant Ramalinga Raju's whereabouts were put to rest after his arrest on Friday night in Hyderabad.
His brother Rama Raju, who was the CEO and MD of the company, has also been arrested. The police finally confirmed the arrests at 2300 hrs IST on Friday night.
"This evening Ramalinga Raju and his brother Rama Raju have been taken into custody. Investigation in going on," VSK Kaumudi, Inspector General (Economic Offences Wing), said.
Raju and his brothers might be produced before a court on Saturday. Their lawyers say they will file a bail application in the court soon. Both of them have been charged under five non-bailable sections of the Indian Penal Code (IPC).
Raju has been held under various sections of the IPC and these include - Section 120 B for criminal conspiracy, Section 420 for cheating, Section 468 for forgery for purposes of cheating, and section 471 for falsification of documents which carries punishment of upto seven years.
All the sections are non-bailable so the Raju brothers will have to spend some time in jail now. Police say Satyam's former chief financial officer Vadlamani Srinivas is likely to be arrested on Saturday.
Andhra Police Crime Investigation Department (CID) which is investigating the case will now have to decide if they will also allow Securities and Exchange Board of India (SEBI) officers to question them.
Raju is likely to be questioned by the SEBI at 1600 hrs IST on Saturday. A team from the Registrar of Companies has also begun its investigations.
The three agencies investigating the case will now have to uncover what really is the truth behind the Rs 7000 crore that's missing from Satyam, which Raju claims never existed.
Both of them have been charged under non-bailable sections for cheating and breach of trust and will be produced before a magistrate and will be remanded to judicial custody.
Ramalinga Raju was arrested on a complaint filed by an investor, Leena Mangat from Hyderabad who's lost money on her shares following the fraud.
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