Ramalinga Raju Absconding?

by CXOtoday Staff    Jan 08, 2009

The Securities and Exchange Board of India (SEBI) has sent a team of officials to Hyderabad to begin probes amid speculations of the impending arrest of Satyam founder - Ramalinga Raju.

However, Raju seems to have vanished into thin air.  It seems that Raju became untraceable after sending a letter to Satyam board on Wednesday morning. A local TV channel reported that he had left either for the US or Dubai. Texas is being cited as a likely destination in the media as a case has been registered there against Satyam. However these are only speculations.

The Hyderabad police were also reportedly trying to find the whereabouts of Raju. The Andhra Pradesh government has ordered a probe by the crime branch.

Meanwhile, Satyam stocks took a serious beating yesterday. The stocks plunged by almost 80% at Rs. 39 per share, at day close yesterday.

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