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Satyam fraud: The political cover-up

The report highlighting Ramalinga Raju’s fraud at the Satyam was brought to the notice of the then SEBI chief and the Prime Minister’s office. But the report was given a quick burial, thanks to Raju’s political backers.

According to sources, the Income Tax investigation report on Ramalinga Raju’s benami accounts was prepared during NDA rule.

RPI MP Ramdas Athavle had written to the then SEBI chief and PMO about the Income Tax report on Raju’s benami accounts.

But the report on was ignored by Raju’s political friend, the then ruling TDP in Andhra Pradesh.

Chandrababu Naidu’s TDP was part of the ruling NDA at the Centre when the report on Raju’s benami accounts was ignored.

Meanwhile, the Institute of Chartered Accountants of India has decided to constitute a special committee to investigate how such huge accounting anomalies went unchecked when Satyam accounts went through auditing.

The committee will essentially try to get to the root of the problem.

The committee will work closely with SEBI, RBI and as well as the Ministry of Corporate Affairs..

Source / courtesy: NDTV