Satyam founder Raju, two others released from jail
The CBI designated court on Saturday ordered the release of B Ramalinga Raju, his elder brother B Rama Raju and his former CFO Vadlamani Srinivas, the three main accused in the Satyam scandal.
All the three were granted bail on Friday by the Supreme Court to be released on a personal bond of Rs 2 lakh each and on condition that they cooperate with the trial running in the city court without fail.
Raju, 56, was arrested on January 9, 2009, after he confessed to India’s biggest corporate fraud of Rs 7,500 crore (Rs 14,000 crore as per the CBI) which shook the corporate credibility of Indian companies. The bond papers and bail documents were presented by Ramalinga Raju’s advocates on Saturday morning following which the CBI court directed the Chanchalaguda court to release him by evening. However, tension mounted outside the jail as the process took long time. Raju’s kin were worried that the release might take place only on Tuesday as Monday is Bakrid and a holiday. Finally, Raju’s relatives heaved a sigh of relief when he came out at 5:30pm. The three were whisked away in a black SUV parked outside the jail’s main gate. Raju’s advocates said the Satyam ex-chief would not be allowed to leave Hyderabad and had to attend court during the trials.
At Garagaparru, the remote native village of Ramalinga Raju in West Godavari, celebrated his release. At Raju’s bungalow at Jubilee hills members of his family were waiting to receive him from the jail. His wife Nandini performed special pujas soon after his bail was approved by the Supreme Court.
Raju was granted bail by the Andhra Pradesh HC on August 18 on health grounds but it was cancelled by the apex court.
