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Do you know Satyam Raju had 50 bank accounts in 2002

NEW DELHI: The Income Tax (I-T) department has recalled a 2002 investigation report against the promoters of Satyam that had details of a probe conducted by I-T sleuths on family members and associates of B Ramalinga Raju in Hyderabad.

Not believing the confession of Raju that the company was left with no cash, and with investigations pointing to forgery of books of account to show bank balances and profits, the authorities are taking a relook at the six-year-old probe that had unearthed more than 50 bank accounts in the name of Raju’s family members and alleged fronts.

Sources said that the authorities in the finance ministry don’t rule out the possibility that Rajus could have allegedly indulged in insider trading in the shares of his company using these front entities and bank accounts . In 2002, the Rajus’ admissibility to the 50-odd bank accounts having more than Rs 20 crore as deposits had yielded the department a handsome tax bounty.

Source / courtesy : TOI