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Satyam's fraud will be inquired into: Andhra CM

January 07, 2009 14:03 IST
Last Updated: January 07, 2009 16:46 IST

Terming the Satyam [Get Quote] Computer financial fraud as 'mind-boggling', Andhra Pradesh chief minister Y S Rajasekhara Reddy said on Wednesday his government would order an inquiry into the 'fudging' of accounts and do 'whatever is needed to be done'.

"The total figures are really mind-boggling," and as per the statement of Ramalinga Raju, the 'fudging' of accounts was a 'fraud', Reddy told a press conference when asked to comment on the collapse of the Hyderabad-based IT company.

"We will ask the CB-CID to hold an immediate preliminary inquiry to look at the criminal angle into the entire episode," he said.

Asked why not Raju be arrested as per his own statement, Reddy said, "That is what I am trying to tell. We will take every possible step. Whatever is needed will be done".

The chief minister said that he would also ask his officials to look into various problems and issues concerning this episode.

Observing that Satyam and Maytas were two different entities, Reddy said that while Raju owned very little stake in Satyam, the company employed over 53,000 people and the government would have to look into every aspect.

The chief minister said Hyderabad Metro Project and the Machilipatnam Port Project have been awarded to Maytas.

Raju, founder-chairman of India's fourth largest IT firm Satyam, revealed on Wednesday that balance sheet of Satyam had been inflated and that he would subject himself to the laws of the land.

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