SFIO fails to figure out siphoning of Satyam funds by Rajus
The Serious Frauds Investigation Office (SFIO) submitted its final report on Satyam to the Ministry of Corporate Affairs earlier this week. CNBC-TV18 learns the report has not arrived at a conclusion on funds siphoned by the Raju family. The Ministry of Corporate Affairs may now need to take investigations forward through appropriate agencies. CNBC-TV18’s Pranshu Sikka reports.
Although there have been no clear or conclusive evidence that SFIO has made in its report, sources say that there is an indication that the Rajus could have violated FEMA or PMLA, which is the Prevention of Money Laundering Act, in utilizing the about Rs 2,500 crore that they had raised through selling their shares in the company. Also, these add that in the balance sheet of the company, they have also found transactions which point to the siphoning off of funds. But they have not been able to conclusively track down the trade of this money because of the limited jurisdiction, which SFIO as a body has. Surprisingly, neither CBI nor SFIO in three months of their probe have been able to conclusively prove siphoning off of funds from the company.