Investigating agencies propose auction of Raju's land

HYDERABAD: The Andhra Pradesh government is weighing a proposal to auction thousands of acres of land bought by B Ramalinga Raju, the founder of defamed Satyam Computer Services, and his family, following a recommendation made by an investigating agency, said officials privy to the development.

The agency has said several of these land deals were funded through illegal means, with the promoters artificially inflating share prices and off-loading them to make windfall gains. It has made out a case for the government to auction the lands.

Following the recommendation, the premier investigating agency Central Bureau of Investigation (CBI) has also started tracking the source of funds used by Raju and his family to acquire large chunks of land, estimated at over 8,000 acres.