CID probing Satyam fraud: Andhra CM

CHENNAI/HYDERABAD: Andhra Pradesh chief minister Y S Rajasekhara Reddy on Friday said the CB-CID is independently probing the financial fraud in Satyam Computers, as it appeared likely that its founder Ramalinga Raju would be arrested. The CB-CID has been asked to probe the fraud disclosed by Satyam founder Ramalinga Raju and they are looking into the matter, Reddy told reporters on the sidelines of second day of seventh edition of Pravasi Bharatiya Divas in Chennai. Police sources said in Hyderabad that pressure was mounting for suo motu action, although they have not received any formal complaint so far. If whether the state government was looking to withdraw projects awarded to Raju’s family promoted firm Maytas Infra, Reddy said, "We are valuating it as everything happened in the last two days". Raju’s lawyer S Bharat Kumar claimed that the Satyam founder was still in Hyderabad and was amenable to the process of law. On Wednesday, Ramalinga Raju admitted to financial irregularities to the tune of about Rs 7,800 crore at the company before resigning. His brother and managing director B Rama Raju also resigned from the company. Chief minister Reddy said the Satyam episode was "unfortunate" and "none of us expected this kind of this kind of thing would happen".