US SEC team in India to probe Satyam fraud

"A Securities and Exchange Commission team is in India, meeting with a variety of officials including those from (Indian market regulator) Sebi, in connection with a high profile investigation," a US embassy spokesperson said.

CBI sources said the team was in Hyderabad and is likely to interact with the agency's sleuths. SEC wants to probe the financial dealings of B Ramalinga Raju, the tainted founder- chairman of Satyam, which is listed in the New York Stock Exchange.

The SEC team has already requested for permission from the Indian government and the CBI to probe the case.

SEC, which is market regulator SEBI's counterpart in the US, has been tracking the case in that country.

The Satyam fraud, running into around Rs 9,000 crore, came to light in January this year after Raju disclosed that he had falsified profits for years and created fictitious assets. Satyam has since been sold to Tech Mahindra and rechristened Mahindra Satyam.

Investigation into the fraud was handed over to the CBI on February 18 on the Andhra Pradesh government's request.

The agency, on April seven, filed a chargesheet against Raju and eight others under various sections of the Indian Penal Code for cheating and forgery.