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Journalism of Courage
The government said on Wednesday that Satyam Computer’s disgraced founder Ramalinga Raju created a network of about 300 companies and diverted funds from one company to another in a complex but carefully planned process.
“There has been an issue of siphoning (off of) funds. This is what we have understood from the information we have received from (the) RoC,SFIO and various other agencies (probing the Satyam case),” Union Minister of Corporate Affairs Prem Chand Gupta said on Wednesday in a TV interview.
Speaking to Karan Thapar on the ‘CNN-IBN’ news channel,Gupta said,”Our information is that there was a network of almost 300 companies and funds were diverted from one company to (another) and then to (a) third.”
“So like this,it was a very complex process he had adopted,” Gupta said,but added that “unless the investigation is complete we can’t say what exactly happened”.
Asked if it meant a carefully planned process to avoid detection,Gupta said,”…Well,to some extent I would agree with you that it was a carefully planned operation,but still what we personally feel it was a complex process.”
Asked if other people might also be involved in the scam,Gupta said,”I feel there are other people involved …”
“But if you go into the systematic inspection and investigation of the structure of the company,you come to the conclusion that the whole thing (revolves) around the Raju family only.”
