HC dismiss Ramalinga Raju’s bail plea

Hyderabad: Satyam Computers Services Limited (Satyam) founder B Ramalinga Raju today failed to get bail in the Rs 13000-crore Corporate Scam as the Andhra Pradesh High Court has dismissed his petition. Mr Justice P Swarup Reddy, who dismissed the petition said granting bail to Mr Ramalinga Raju, especially at the crucial stage of the probe would impede investigation.

The CBI which is probing the scam submitted in the Andhra Pradesh High Court that it was awaiting details from the courts in UK, USA, Belgium, Singapore and British Virginia islands on the diversion of funds by Mr Ramalinga Raju. Granting bail to Mr Raju would impede investigation.

Mr Ramalinga Raju had on January 7 last year admitted to accounting fraud of about Rs 8,000 crore in the company’s books, but CBI claimed the amount was much higher and was around Rs 13,000 crore.