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Satyam CFO, who attempted suicide, had offloaded over 92,000 shares

HYDERABAD: In the first half of September, Srinivas Vadlamani suddenly offloaded 92,358 shares of Satyam on the stock market. When quizzed he
said that he needed the money because he was building a house and could not manage without liquidating his ESOP holdings.

That answer had satisfied curious newshounds, but with the benefit of hindsight now it seems that the chief financial officer (CFO) of Satyam knew exactly what he was doing. Hands in gloves with the Rajus in defrauding the IT company he had an inkling that the bubble could burst and hence the hurry to sell off. Incidentally, Ram Mynamapati, the new interim CEO of Satyam also sold off shares of Satyam during the time.

On Thursday, Vadlamani put in his papers and on Friday morning there were strong rumours that he had attempted to take his life. Whether this is true or not, Vadlamani has been on the run for the last few days.

“He is not staying at his own house for security reasons,” a friend of his confirmed. Interestingly, these stories about suicide have surfaced the day that Sebi officials along with sleuths of the Serious Fraud Office have landed in Hyderabad to investigate the books of Satyam.

Now, potentially liable to be charged for insider trading amongst other things, Vadlamani had become enormously rich in his long tenure at the company. His colleagues aver that he — like his boss Raju — also believed that real estate was a great investment idea.

Source / Courtesy: TOI