Another accused denies role in Satyam scam

A day after two former Satyam Computer auditors denied their role in the multi-crore accounting scam at the IT firm, another accused today told a court that CBI had no substantial evidence against him.

D Venkatapathi Raju, a former Satyam employee, argued that he cannot be clubbed as a co-conspirator in the corporate fraud which came to light in January last year.

The accused, through his counsel, told the XXI Additional Chief Metropolitan Magistrate (ACCM) Court that there was no evidence with CBI to prove the conspiracy charge against him.

"There is no evidence to substantiate the conspiracy charge against my client. He cannot be slapped with the criminal conspiracy charge. There is nothing in the three chargesheets to suggest that my client conspired with other accused," contended C V S S Srimanth Kumar, the counsel for Venkatapathi Raju.

Kumar strongly refuted CBI's claim that "out of turn" allotment of shares in the IT firm were made to his client.

"My client was employed as only a Senior Manager (Finance) and not as a Vice-President as claimed by the CBI. He was given shares in line with other employees," he said.

Kumar submitted, "Shares worth several crores were given to employees on the recommendation of the reporting manager and my client, in fact, legally purchased these shares on the prices fixed by a committee."

He said Venkatapathi Raju was in no way involved in the firm's affairs.

Magistrate B V L N Chakravarti has posted the matter to August 30.

Meanwhile, former Satyam Chairman B Ramalinga Raju, the prime accused in the fraud, again appeared before the court today.

The Satyam founder declined to reply to media queries on seeking discharge from NIMS Hospital where he is undergoing treatment for Hepatitis C.

Ramalinga Raju and nine other accused, all currently out on bail, are facing charges of criminal conspiracy, cheating, forgery and falsification of accounts.

In another development, Raju's son Teja again sought the court's direction for de-freezing of his savings bank accounts and release of the laptop and the computer seized by CBI during the raids after the scam broke out.

The three frozen accounts held in a private bank here were personal and not related with Maytas (a firm owned by the Raju family), Teja told the court.

Opposing Teja's plea, the CBI counsel said the bank accounts should not be released till the investigations into the diversion of funds are complete.

The court has posted the matter for hearing on September 3.