Advani demands judicial probe into Satyam fraud

Opposition leader L K Advani demanded a judicial probe into the fraud in Satyam Computers Services, whose founder B. Ramalinga Raju has been accused of diverting Rs.74 billion (Rs.7,400 crore) from his company for personal wealth.

"Small investors have been badly hurt by this fraud, which involves a figure of Rs.7,000 crore. It has also hurt the image of India's corporate sector globally," Advani said at a function held to mark the 112th birth anniversary of Netaji Subhas Chandra Bose at the Federation of Indian Chambers of Commerce and Industry (FICCI) here.

"Reports now reveal that the company's balance-sheet was fudged. Revenues were inflated. Even the number of employees was inflated. What were the relevant agencies in the governments in New Delhi and Hyderabad doing?" asked Advani.

"There are also reports that the Congress government in Andhra Pradesh showered a largesse on the promoters of Satyam in the form of giving away lucrative contracts and large tracts of precious land at throwaway prices. There is a stench of political corruption here, and I demand a high-level judicial probe into this mega scam," he said.

Recalling Bose's slogan 'Tum mujhe khoon do; main tumhe aazadi doonga! (Give me blood, and I promise you freedom!)', Advani said: "I would say that the call of all nationalistic and forward-looking political leaders to the people of India today should be: 'Tum humein samarthan do; hum tumhe sushaasan denge!' (Give us your support, we promise you good governance.)"

He added: "This is what my colleagues and I would humbly say when my party, the BJP, and my alliance, the NDA, go out to seek people's support in the forthcoming elections."

Accusing the Congress of being guided by vote bank politics, Advani said: "People like Netaji Bose would be horrified at the manner in which the Congress rule has bequeathed knotty problems to future generations... Problems like the border disputes with Pakistan and China that have become knottier with the passage of time."

"The same vote bank considerations have guided the Congress party's approach to cross-border terrorism, sponsored from Pakistan," he said.

"As a party that has ruled India for the longest period since independence, the Congress must bear the greatest responsibility for the problems that are plaguing our country today," Advani said.