Satyam scam accused Ramalinga Raju bells the bail

The Andhra Pradesh court on Wednesday granted a conditional bail to founder of Satyam Ramalinga Raju who was lodged in jail for more than one and half years for heading the country’s one of the biggest economic fraud.

Former chairman of Satyam Computers has finally sort the bail but he won’t be a free man as his bail is conditional and asks him to report to the CBI whenever they summoned him. Moreover, Raju has been undergoing the treatment of hepatitis c for nine months and this has been the prime reason for the delaying of the hearing of the case as he avoided court since November last year for his illness.

It was justice Elango who after hearing to the statements of both the Raju counsellor and CBI came with this decision on Wednesday. It is reported as per told by sources that Raju has been granted bail not on the grounds of illness but for his long period of incarceration, delay in trial and parity with others accused.

However, CBI strongly condemned the bail plea of Raju and reiterated the fact that on getting bail Raju could destroy evidence and especially in regard to the money which he probably diverted to other countries.

Raju had shocked the entire corporate world in 2009 when he confessed that the company cooked its books resulting in a non-existent cash and bank balances. According to the CBI, the scam is of huge and altogether the investors had suffered a loss of Rs 24000 crores. Raju was charged against criminal conspiracy, forgery, criminal breach of trust and falsification of accounts.

The court has asked Raju not to leave country and respond to the calls of CBI. The Court has also directed to release him on two sureties of 20 lakhs each.

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