Satyam Probe Brings US SEC Team to India

by CXOtoday Staff    Jul 24, 2009

A US Securities and Exchange Commission team, probing the multi-crore rupee accounting fraud by Satyam Computer, has arrived in India. The tainted BPO company is listed on the New York Stock Exchange.

The team will be meeting with a variety of officials including those from Sebi and CBI in connection with their investigation.

The US market regulator is here to probe the financial dealings of B. Ramalinga Raju, the founder-chairman of Satyam. The SEC team has already requested for permission from the Indian government and the CBI to probe the case.

SEC has been tracking the case in that country.

The Satyam fraud runs into around Rs 9,000 crore and came to light in January this year. Satyam has since been sold to Tech Mahindra and rechristened Mahindra Satyam.