Top Satyam managers under probe, Raju grilled

FACING THE HEAT: Ramalinga Raju has been arrested in connection with the country's biggest financial fraud.

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New Delhi: The Central Government doesn't believe Satyam founder and former chairman Ramalinga Raju's confession in which he says that no one else in the company knew about the manipulated accounts that showed inflated profits.

Investigating agencies are now looking at the role played by other top executives on the company.

Satyam's Chief Financial Officer (CFO) Valdamani Srinivas is also being questioned and sources say he is likely to be arrested.

A high powered meeting of the secretaries of Ministries of Finance, Law, IT, Corporate Affairs and Securities and Exchange Board of India (SEBI) officials was held on Friday and the decision to arrest his brother Rama Raju was taken.

Following the meeting, Corporate Affairs Secretary Anurag Goyal briefed Andhra Pradesh Chief Secretary P Ramakanth Reddy.

The Andhra Police Criminal Investigation Department (CID) team was also briefed of evidence against Raju on Saturday.

Raju, who along with his brother Rama Raju was arrested late on Friday night, will be produced in a Hyderabad court on Saturday. He has however escaped SEBI questioning for now and the market regulator will have to move court again on Monday.

Meanwhile, Raju complained of uneasiness and was examined by a team of doctors on Saturday afternoon.

Raju has been arrested in connection with the country's biggest financial fraud of Rs 7,800 crore that he engineered after manipulation Satyam accounts.

He 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.

(With inputs from CNBC TV18 National Editor Vivek law)