International Business

SFIO to visit Satyam office

A Serious Fraud Investigation Office (SFIO) team will visit Hyderabad soon to enquire into the siphoning of funds by promoters of the IT company Satyam. The SFIO team, sources said, will be meeting officials of the Central Bureau of Investigation (CBI) which is also probing the Satyam fraud. NTPC fixes FPO base price at Rs 201 a share “The visit is with the view to have a better coordination with the CBI working there. Discussions would be held regarding the various aspects of the fraud at Satyam, especially, to gather insight into the findings of the CBI in the money-siphoning case,” an official source told PTI. The SFIO, the investigative arm of the Ministry of Corporate Affairs, has been asked by the government to probe the angle of siphoning of money by the promoters of Satyam and submit its report by October. The investigation would require the SFIO to check the accounts of over 350 companies and 700 to 800 bank accounts.

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