Raju diverted Satyam funds to buy 147 benami firms
Published on Sun, Jan 25, 2009 at 11:55, Updated on Sun, Jan 25, 2009 at 21:35 in Business section
CNN-IBN
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B Ramalinga Raju had claimed that he has made no profits while he inflated account book figures.
New Delhi: In a crucial breakthrough in the Satyam case, the CID now has details of Raju's alleged benami land transactions.
The CID allegedly got a confession out of V Gopala Krishna Raju, a trusted aide of the now infamous Raju family.
Reports suggest that G K Raju also handled B Ramalinga Raju's land dealings and documentation.
Gopala Krishna Raju was general manager of SRSR Advisory Services Pvt Ltd., a company that belongs to Ramalinga Raju's younger brother Suryanarayana Raju.
In the alleged confession, to which CNN-IBN has exclusive access, Gopala Krishna Raju is reported to have revealed that B Ramalinga Raju's brother Suryanarayana personally instructed him hurriedly to shift all original documents to conceal them from police.
Along with his colleague Sri Krishnama Raju, he hired a Toyota Innova and stowed the documents away to six places, other than the office, in and around Hyderabad. He kept the keys of the safes with him, constantly shifting them.
The CID is reported to have retrieved 5 boxes of original documents of land dealings. The documents clearly indicate that Raju & family siphoned off funds from Satyam and invested in various land dealings through 147 benami companies. CNN-IBN has a list of all the alleged 147 companies started by Ramalinga Raju and complete details of land purchased through these companies.
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