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Our Bureau

Chennai, Jan. 8 The Andhra Pradesh Police or the Central Bureau of Investigation are probably waiting for a formal complaint to be lodged with them before they can proceed with the investigation against Mr Ramalinga Raju, who confessed to falsifying the company’s accounts and resigned as its Chairman on Wednesday.

This is what legal experts and those who have dealt with economic offences have to say when asked as to what is delaying action against Mr Raju.

According to the experts, the complaint can be lodged by an affected party – either an investor or the company, the State Government, or the Securities and Exchange Board of India, as the regulator, specifically citing the violations.

In the normal course, this complaint will have to be investigated before the person is arrested. But, in this case, the investigation becomes redundant because Mr Raju himself has admitted to committing those crimes and till now, has not denied them.

There is scope for the investigating agencies to take action on their own as it is a cognisable offence, the experts say, but given the high-profile nature of the case and the political proximity that Mr Raju enjoyed, the agencies may prefer to wait for a formal complaint.

According to them, the offences will come under Section 420 (relating to cheating) and Section 463 (forgery), Section 464 (making a false document), among others of the IPC.

The experts say that the first thing that should be ensured is that Mr Raju does not leave the country, as getting him back will be an extremely difficult task.

The Andhra Pradesh Chief Minister, Dr Y.S. Rajasekhara Reddy, had on Wednesday said he had ordered an investigation by the State’s Crime Branch-CID. This, in itself, is enough for the State Police to initiate action on the case and lodge a first information report, the experts say.

More Stories on : Software | People | Corporate Governance | Economic Offences | Andhra Pradesh

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