The five persons accused in the Satyam Computers fraud who were granted bail by the High Court on Tuesday were released from Chanchalguda jail here on Wednesday evening after they furnished surety bonds for Rs. 40 lakh each in the special court trying the scam.

With this, all but the main accused and former company chairman, B. Ramalinga Raju, were let off from judicial custody. Incidentally, Mr. Raju is also out of jail but continues to be in remand undergoing treatment at NIMS.

CBI's counter affidavit

Those let off on Wednesday are Mr. Raju's brother and former managing director B. Rama Raju, former chief financial officer Vadlamani Srinivas, former vice-president (finance) G. Ramakrishna and two other employees of the company, D. Venkatapathy Raju and Ch. Srisailam.

Meanwhile, the CBI has opposed the application by another brother of Mr. Raju, Suryanarayana Raju, and Mr. Srisailam for being discharged from the case. The agency filed a counter affidavit in the special court sticking to the stand that Mr. Surayanarayana Raju, who has been on anticipatory bail ever since the scam broke out, was part of a conspiracy in floating 327 front companies of Satyam. As director of SRSR Holdings, he managed the financial affairs of these companies. He held the general power of attorney on behalf of Mr. Ramalinga Raju and Mr. Rama Raju.

Keywords: Satyam scam


Ramalinga Raju gets conditional bail August 18, 2010