Hyderabad: Satyam founder Ramalinga Raju's lawyers have said they would soon be filing a bail application in the court.
"Yesterday (Friday) night at around 8:30 (2030 hrs IST) Ramlinga Raju and Rama Raju received a communication from CID department summoning then to appear before police for questioning. Ramlinga Raju made himself available before the police and after questioning for three hours they have registered a case against him for offences under 406, 420, 468 and 477 A. We will definitely file a bail application before the appropriate court," Raju's lawyer said.
Raju and his brother Rama Raju were arrested late on Friday night in Hyderabad.
"We initiated action on a Satyam shareholder's complaint. The CID initiated action against Ramalinga Raju and others on a complaint that was registered by a Satyam shareholder, Leena Mangat," Additional Director General (Criminal Investigation Department) Shiva Narayana said.
On Wednesday, Raju - Satyam's founder and former chairman - resigned from the company after confessing to country's biggest financial fraud of Rs 7,000 crore and disclosing massive financial irregularities.
Fifty-four-year-old Raju will appear before a team of market regulator Securities and Exchange Board of India (SEBI) at Satyam's corporate office at 1600 hrs IST on Saturday, his lawyer revealed.
Raju faces up to 10 years imprisonment along with a fine, which may extend to Rs 25 crore in the financial fraud that led to erosion of investors wealth by whopping Rs 10,000 crore in a day.
SEBI has already ordered an enquiry into the issue to find out if Raju has violated the various regulations pertaining to dealings in securities market.
The police said that Satyam’s Chief Financial Officer Valdamani Srinivas will be arrested on Saturday.
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