Satyam Raju admits diversion of funds to Maytas

Satyam Raju admits diversion of funds to Maytas

Satyam Raju admits diversion of funds to Maytas

B Ramalinga Raju,the erstwhile promoter and chairman of Satyam Computer Services, who was interrogated by officials of Criminal Investigation Department (CID) of Andhra Pradesh police, reportedly admitted using the Satyam money to buy prime land in and around Hyderabad.

Raju is reported to have stated that funds were diverted during the past four to five years, which means his earlier confession that he inflated company accounts was not true. Raju is said to have admitted to diverting Satyam funds to his family firms, Maytas Properties and Maytas Infra since 2004.

Raju is also believed to have misled company auditors PricewaterhouseCoopers (PwC) by submitting fake bank documents. CID and some regulatory agencies have already seized some documents from PwC.

Raju also reportedly swindled money through 6,000 fake salary accounts for last few years. Sources said he had created these accounts in four banks to divert the funds from fixed deposits. Some of these funds were routed through his accounts in foreign banks.

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