BUSINESS

SFIO fails to trace Rs 760 cr raised by Satyam

Source:PTI
May 06, 2009 17:59 IST
The Serious Fraud Investigation Office has referred the issue of Rs 760 crore (Rs 7.6 billion) raised by scam-tainted Satyam Computer through share sales in 2001 in the US to the Enforcement Directorate for further inquiry, after failing to trace the amount.

SFIO in its report on the Satyam fraud case said that the IT company's claims of depositing funds raised through American Depository Shares in 2001 in banks could not be verified.

Satyam in 2001 through a public issue in the US raised Rs 760 crore (Rs 7.6 billion) and claimed it deposited the amount in Citibank, New York.

Though the company claimed that it transferred Rs 397 crore (Rs 3.97 billion) to India, the SFIO report said, it "was wrongly mentioned to have been transferred to India and the actual utilisation of this amount could not be traced as all the amounts were transferred from this account to some unknown accounts through Citibank, Bahrain."

Though SFIO took up the matter with the Citibank to find out details of transfers, it failed to trace the amount.

"They (Citibank) are still showing their inability to provide this information on the plea that all such transfers are routed through Citibank's system account No. 10996665 Citibank, N. A. Bahrain," the report said.

Source: PTI
© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

NEXT ARTICLE

NewsBusinessMoviesSportsCricketGet AheadDiscussionLabsMyPageVideosCompany Email