According to sources, Raju and his family members, B Rama Raju, B Radha Raju, B Nandini, and B Deepti hold 16 accounts in HDFC Bank. Only Deepti holds a fixed deposit worth Rs 2.5 lakh. One of the accounts had Rs 3,559.

As per sources, some of the accounts actually show an overdraft. Now the Crime Investigation Department (CID) officers are tracing how the money moved in and out of the accounts.

Sources said that ICICI Bank had informed the police that the Satyam had no fixed deposits with them. The company has a current account and salary accounts of staff with the bank.

Raju has claimed in his January 7 confession that he had shown fictitious bank deposits. Sources said that Satyam had produced some documents showing that it had bank deposits.

Now, the police is trying to verify whether these certificates issued by banks are genuine or forged. If the bank certificates are forged, then bankers would have had no role. But the auditors, PricewaterhouseCoopers, will be faulted as they did not crosscheck the documents.

At the same time, if the certificates are genuine, the auditors cannot be faulted. It seems that Satyam could have deposited the money temporarily, collected certificates and then withdrawn the money.

Even in that instance, the investigators will clear the bankers. The focus will then be on the Satyam promoters. Investigators are also checking the tax deduction at source (TDS) certificates issued by banks on the interest earned on deposits.

Interestingly, the state government is still helping Raju. Perhaps due to this fact, the state officials are not helping the investigating agencies.

The Securities and Exchange Board (SEBI) is also irked that its team has not been given the opportunity to question the ex-Satyam boss, B Ramalinga Raju.

A petition from SEBI seeking permission to record Raju’s statement would come up before the court on Friday (January 23), along with a petition by the Crime Investigation Department seeking custody of the Raju brothers.

According to a SEBI lawyer, the team’s investigation had been hampered. SEBI claimed that it is best equipped to handle a financial accounting fraud involving a listed company. SEBI should be given all the information first, because it might expose the real truth before the world.

Meanwhile, investigators are also probing whether the promoters and top executive of Satyam sold off shares in bulk because they were aware that the company would collapse.

As per the investigating agency, at least top 40 executives of the company have sold their shares and American Depository Receipts in the last one year. It shows that they were aware about the fraud.

Overall, Satyam’s scam is just repercussion of failure of our regulatory system. We have good laws and regulation but have failed to implement them in proper way.

Besides, political leaders should also avoid interfering in such matter. There is also no need to announce bail out package for Satyam. However, investigating agencies are doing their job properly and hope some positive result would come out very soon.