The Securities and Exchange Board of India team on Friday summoned Ramalinga Raju to appear before it, but the lawyer of Satyam Computer's founder said instead he would depose before the panel.
The team first went to Raju's house for an inspection, but returned on finding it locked. It had earlier issued summons for him to appear before the team.
Raju's lawyer S Bharat Kumar said that he would appear before the Sebi team, which arrived in Hyderabad from Mumbai on Thursday to probe the Rs 7,800 crore (Rs 78 billion) financial fraud disclosed by Raju on Wednesday.
Although Satyam's interim management has declined knowledge of where the company founder is now, the lawyer claimed on Thursday that Raju was very much in Hyderabad. There are also speculations that Raju might be at a guest house on the outskirts of the city.
"Should there a need arise, Raju will make himself available for probe or any legal process by the agencies of the government," Kumar had said in a statement.
The Sebi team visited Satyam office on Thursday.