Citibank
According to the probe report of the Serious Fraud Investigation Office (SFIO), the money was last spotted in Citibank
The SFIO has found that Rs 397 crore ($84.5 million) of the $162 million raised by Satyam Computer Services through American depository shares (ADS) in 2001 never reached
The SFIO report says that ADS funds, which were mentioned in the bank books of Satyam, could not be fully traced after they were transferred from Citibank
The SFIO took up the matter with Citibank
In reply to SFIO queries, Satyam said $152.69 million was raised through the ADS issue and $50.25 million brought into
Analysing the issue, the SFIO says that 16.67 million ADS, equivalent to 33.35 million shares, were issued at a price of $9.71 each. The $161.91 million raised (more than what Satyam said) was reflected in Citibank
The bank books of Satyam showed most of the amount was transferred to
When asked about the ADS transactions, Satyam founder Ramalinga Raju told SFIO investigators that he did not have 'definite recollection as this event happened almost eight years ago.' CFO Vadlamani Srinivas said the exact details could be obtained from the records. To the extent he remembered, 'the issue proceeds were utilised to meet capital expenditure and working capital needs.'
The SFIO has also written to the enforcement directorate for further investigation on investments made by some Mauritius-based firms in Maytas Properties and Maytas Infra ' the companies floated by the sons of Ramalinga Raju, Rama Raju Jr and Teja Raju. The report says that SRS Orion I Investments, (SRS 1, SRS 2 and SRS 3) registered in
Source: The Financial Chronicle
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