Raju is economic terrorist, says CBI

Justice Raja Elango of the Andhra Pradesh High Court on Monday reserved orders on the bail plea of Mr B. Ramalinga Raju, the prime accused in the multi-crore Satyam fraud case after hearing arguments from both sides.

The additional solicitor general, Mr H.P. Raval, said that the accused was involved in “economic terrorism” and claimed that his crime had caused a loss of `24,000 crore to the investors.

He contended that a long period of incarceration, delay in trial and Raju’s ailment could not be the grounds for granting him bail. Mr Raval argued that if Raju was granted bail, he could destroy evidence, especially with regard to the money diverted and sent abroad.

The additional solicitor general said the trial could be completed in six months. He further said that Mr Raju could not claim parity with other accused granted bail by the High Court and the Supreme Court.

Justice Raja Elango said that as a citizen he was unable to understand why there was no hue and cry from investors if the inflating profits of the company had caused them huge losses.

Narrating to the factual matrix of the scam, the additional solicitor-general said, Mr Raju not only duped the investors, he also cheated the banks by borrowing `1,221 crore from banks and various financial institutions.

The judge also sought to know from Mr Raval whether Raju and his associates had diverted the investors’ money only or whether other funds were also diverted.

Mr Raval replied in the affirmative and that’s why the CBI has decided to give a logical end to the case by unearthing the destination of the “Satyam” money.

“In this case there is a higher degree of seriousness of charges against the prime accused and he is the mastermind behind the entire scam. Prosecution is going to challenge the bail granted to other accused before the Supreme Court,” he said.

Submitting a list of visitors who called on Mr Raju undergoing treatment for Hepatitis C at the government-run Nizam’s Institute of Medical Sciences (Nims) here for nine months, the prosecution disputed the claim that he was seriously ill and hence was unable to appear before the trial court.

Mr M. Natrajan, senior counsel from Chennai, arguing on behalf of Mr Raju said the trial might take six years and not six months as claimed by the prosecution. He said sending letters of Rogatory to six countries (where the Satyam money was allegedly diverted) seeking judicial assistance alone would take two years.

He told the court that Hepatitis C was affecting Mr Raju’s breathing, liver and heart. “He may suffer internal bleeding and a heart attack,” he added.