Satyam's Raju confesses to crime: Report

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Updated: 12/01/2009 | 05:05 PM IST

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NDTV Correspondent

Monday, January 12, 2009 (New Delhi)

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Satyam's disgraced ex-chief and founder Ramalinga Raju has confessed to his crime, says a court report.

According to report, company's accounts were manipulated for past seven years to show higher income and to avoid hostile acquisition.

The report also says that in the confessional statement, Raju said, "I and my brother Rama Raju took the decisions."

Earlier, a Hyderabad court had deferred the hearing on bail applications filed by Satyam's three disgraced executives, including Ramalinga Raju, till January 16. It also deferred market regulator SEBI's plea for quizzing Raju till the same date.

Besides Raju, his brother Rama Raju and Satyam's CFO Vadlamani Srinivas too are in judicial custody till January 23 and are lodged in the Chanchalguda central prison.