The bail plea filed by former Chairman of Satyam Computer Services Ltd (now Mahindra Satyam) in the Andhra Pradesh High Court has been dismissed on Friday.
Ramalinga Raju, who has been languishing in the jail for over a year now, was charge-sheeted by the Central Bureau of Investigation (CBI) on January 8, for allegedly filing false income tax returns resulting in a loss of Rs 126.57 crore to the Satyam Computers and its shareholders. Along with Raju, five others were also charge-sheeted by the CBI.
Citing the reason for granting bail to Srinivas Talluri, former auditor of Price Waterhouse and one of the accused in the Satyam scam, Ramalinga Raju’s advocate put forth his argument before the High Court.
In response, the CBI advocate argued that the Satyam scam investigation is at a crucial stage now and Raju’s bail will only delay the inquiry. It is learnt that the CBI court had written to five countries including the US, the UK, Belgium, Singapore and British Virgin Islands, seeking details of Raju’s investments abroad.