Investigation into Satyam scam underway: Minister

Union Minister of State for Corporate Affairs R.P.N. Singh has said that the investigation into Satyam Computer Services Limited is underway to ascertain diversion/siphoning of funds including role of individual directors.

The scam is being investigated by Serious Fraud Investigation Office (SFIO), in association with Central Bureau of Investigation (CBI) & Enforcement Directorate (ED).

Replying to a question in Lok Sabha recently, the Minister said disciplinary proceedings against six Chartered Accountants into the Satyam Computer Scam is underway by Institute of Chartered Accountants of India (ICAI) and has not reached the stage of award of punishment.

He said CBI has issued Letter of Rogatories to six countries. Since charge sheets will be filed after getting the information from these countries, no time limit can be indicated.

On November 10 last year, former Satyam chairman B Ramalinga Raju surrendered before a court in Hyderabad after his ?more time? plea was rejected by the Supreme Court. He will be taken to the Chanchalguda jail.

Raju and five other accused in the case decided to surrender before the magistrate after attending the court proceedings in the morning.

His surrender came as a result of a directive of the apex court asking him to surrender on Nov 10.

Raju had appealed to the Supreme Court to extend the date for his surrender on health grounds.

However, on Nov 9, the Supreme Court refused to extend the date for his surrender.

In one of the biggest corporate fraud of India, Raju was arrested in Jan 2009 for involvement in accounting scam worth over Rs 7000 crore.

Earlier the same month, the Satyam financial scam main accused was discharged from Nizam?s Institute of Medical Sciences (NIMS) hospital in Hyderabad where was admitted for the better half of his jail tenure.