In a major development, the Enforcement Directorate has attached the properties Ramalinga Raju, the founder of Satyam company. The worth of the properties attached is Rs. 822 crore. Under Prevention of Money Laundering Act (PMLA), these assets were identified as proceeds of crime. As per the attachment order, the accounts of Ms Satyam Computers and Services Lmited (SCSL) in Andhra Bank, ING Vysya bank, Bank of Baroda and IDBI bank were freezed.
It may be recalled that Satyam Ramalinga Raju in January 2009 admitted to fraud by showing wrong figures in the information technology sector. He then surrendered himself before the police. Satyam company was later overtaken by Mahindra and named it as Mahindra Satyam.
(AW Phani)
