Satyam case goes to agency that probes serious fraud

LOSS OF ACCOUNT: Satyam chief B Ramalinga Raju resigned on Wednesday, admitting fraud in accounts.

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New Delhi: The Serious Fraud Investigation Office will probe the alleged fraud in the software firm Satyam Computer Services’ accounts, a senior government said on Wednesday.

The corporate affairs ministry official said millions of shareholders would be hurt by the developments, as the Satyam management had not been fair to them.

The SFIO investigation would form part of the coordinated action by all the regulatory and enforcement agencies, the official said. "The case will definitely be referred to SFIO. It is a serious fraud... now all the agencies like stock exchanges, SEBI, Company Law Board and Registrar of Companies (RoC) should make a coordinated effort," he said, adding that the process of investigation was on.

The MCA official said apex institutions of chartered accounts and company secretaries, ICAI and ICSI, will also be directed to look into the role of directors and auditors.

"If prima facie (a) case is found then (the) disciplinary board of these institutions will be asked to take actions against auditors and directors and prosecution will be launched certainly," he said.

Corporate Affairs Minister Prem Chand Gupta could not be contacted immediately.