Satyam case referred to serious fraud probe agency

The government will refer the financial bungling by Satyam Computer to the Serious Fraud Investigation Office (SFIO), a top corporate affairs ministry official said.

Millions of shareholders would be hurt by the developments as the Satyam management was not fair to them, said the official, who did not want to be named.

The SFIO investigation would form part of the coordinated action by all the regulatory and enforcement agencies, the official said.

Corporate Affairs Minister Prem Chand Gupta could not be contacted immediately.

"The case will definitely be referred to SFIO. It is a serious fraud... Now all the agencies like stock exchanges, Sebi, Company Law Board and Registrar of Companies (RoC) should make a coordinated effort," he said, adding that the process of investigation was on.