Satyam Chairman R. Raju. Photo
Founder of beleaguered Satyam B Ramalinga Raju, along with his brother was arrested on Friday night, two days after making a startling disclosure of about Rs 7,800 crore financial fraud in the IT company, within hours of government disbanding the Board.
Raju was arrested and has been booked in a case of financial irregularities, Additional Director General of CB-CID A S Shivnarayan said minutes after the police action.
The police said that Valdamani Srinivas, Chief Financial Officer, will be arrested on Saturday.
Director General of Police S S P Yadav said that Raju was booked under various sections of IPC that include criminal breach of trust, cheating and forgery.
When contacted, a Satyam spokesperson declined to comment on the development.
Earlier on Friday evening, the government disbanded the current board of Satyam Computer and announced that it would nominate 10 directors on its board soon.
Raju was arrested and has been booked in a case of financial irregularities, Additional Director General of CB-CID A S Shivnarayan said minutes after the police action.
The police said that Valdamani Srinivas, Chief Financial Officer, will be arrested on Saturday.
Director General of Police S S P Yadav said that Raju was booked under various sections of IPC that include criminal breach of trust, cheating and forgery.
When contacted, a Satyam spokesperson declined to comment on the development.
Earlier on Friday evening, the government disbanded the current board of Satyam Computer and announced that it would nominate 10 directors on its board soon.