Ramalinga Raju, CFO go underground

After writing the most eloquent mea culpa note in Indian corporate history, B Ramalinga Raju has dropped out of sight. And so has his chief financial officer, Srinivas Vadlamani.

Though there has been speculation about Raju fleeing the country to either Dubai or some such destination, a source close to the Raju family told DNA that he was in Hyderabad and is said to be mentally prepared for an arrest.

“There is no need for him to run away. But you (media) can’t get him. He will be available to the probe authorities,” the source said. Teams from Sebi and the Registrar of Companies are already in Hyderabad probing the Rs7,136 crore fraud.

Claiming that he was issuing the statement under instructions from his client, S Bharat Kumar, a Hyderabad-based advocate, said: “Raju is available in Hyderabad, India. Should a need arise, Raju shall make himself available for probe or any legal process.”
Informed sources believe that Raju went underground at least three days before sending out his statement.

Another top honcho who went missing is CFO Srinivas Vadlamani, who put in his papers on Wednesday. “He is very much in Hyderabad and he has not been coming to the office for personal reasons. We expect him to come back to office shortly,” Mynampati said.