Enforcement Directorate begins probe into Satyam scam

To look into possible violation of FEMA by the company

ED wants probe into nearly 50 plots ‘purchased’ by Raju

IT department seeks details of lands and assets of 275 firms

HYDERABAD: Another Central agency — the Enforcement Directorate of the Finance Ministry — stepped into the picture on Saturday by launching its own investigation into the Satyam Computers fraud.

The ED has decided to look into possible violation of the Foreign Exchange Management Act (FEMA) by the company. In a letter, the Directorate has asked the Inspector-General of Stamps & Registration to probe into the land transactions of former Satyam chairman B. Ramalinga Raju. In particular, it has asked the department to inquire into nearly 50 plots allegedly purchased by Mr. Raju in Medchal and Qutbullahpur, near here.

IT department to probe

The Income Tax department too joined the list of Central agencies investigating into the fraud. The Securities and Exchange Board of India (SEBI) and Serious Fraud Investigation Office (SFIO) are already investigating into alleged violation of regulations relating to the stock market and company laws.

The IT department has decided to probe into the affairs of a number of entities floated by Mr. Ramalinga Raju for allegedly acquiring lands in their name. It is understood to have sent a list of 275 companies (along with their PAN numbers) reportedly floated by the Raju family and asked the IG of Stamps & Registration to ascertain the extent of lands and other properties registered in their names.

The list consists of companies dealing with a wide variety of businesses ranging from agro farms, bio-tech, investments and power.

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