Multi-dimensional body to probe Satyam fraud: CBI

NEW DELHI/ HYDERABAD: The Central Bureau of Investigation (CBI) has said it would form a multi-disciplinary investigation team to probe the accounting fraud at IT major Satyam Computer Services Ltd.

The CBI, which has taken over the probe, said a consultative mechanism was being worked out with all departments concerned.

"We are going through various aspects of this multi-dimensional and unique scam. We will soon register the case. The CBI now proposes to establish a multi-disciplinary investigation team with headquarters at Hyderabad. A joint consultative and coordination mechanism is being worked out with concerned ministries, departments and institutions for providing necessary assistance to the CBI," said Harsh Behl, a CBI spokesman.

Meanwhile, a city court in Hyderabad has dismissed the bail petitions of Satyam founder B Ramalinga Raju, his brother Rama Raju and former CFO V Srinivas, all of them whom are lodged in the Chanchalguda Jail here.

A case has been filed against Raju under Sections 120-B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), 468 (forgery for cheating) and 477-a (fraudulent cancellation of securities) of IPC.

Raju had disclosed a financial fraud in the company to the tune of Rs 7,800 crore by inflating profits and showing fictitious assets where none existed.