Satyam fraud will hit IT biz, says YSR

HYDERABAD: Stating that nothing prevented the CBI from taking up the probe into the Satyam fraud and the CB-CID would coordinate with different agencies in the investigations, Andhra Pradesh CM Y S Rajasekhara Reddy on Sunday said he felt sad upon learning the fiasco, as it had cast a shadow on the future of the country , the state, thousands of IT professionals and investors.

������ Nothing prevents the CBI or other law enforcement agency from inquiring into this matter. The CB-CID has already booked a case of fraud, but the corporate affairs ministry and market regulator SEBI are looking into all aspects of commissions and omissions under their purview. We will extend necessary help to all agencies,������ the CM said.

Admitting that the image of both the country and the state had taken a severe beating, he said, ������ I was really sad when I heard the news. We have to do everything to restore credibility by acting tough.������

Recalling his association with Satyam Computers, he said the government was appreciative of the way the group pioneered the Emergency Management Research Institute services in state.

������ The common man was worried about the fate of the EMRI, but the government is determined to continue them. The state bears 95% of the costs of the EMRI services, while Satyam contributes only 5%. We have assured EMRI management that necessary means would be explored to run the services.������

Rubbishing charges by the Opposition that the government was hand-in-glove with Ramalinga Raju, he said, ������ These are mindless charges. You can���t expect me to react to such allegations.������