The government is likely to soon give its nod to the Serious Fraud Investigation Office (SFIO) for initiating prosecution against the persons involved in the Rs 7,800 crore-accounting fraud at Satyam Computer Services. The ministry of corporate affairs is in consultation with the law ministry and will take a decision on filing cases in the Satyam case by the week-end, sources said.
The investigating agency will be filing cases against disgraced promoter of Satyam Computer B Ramalinga Raju, his brother B Rama Raju and few other company officials.
SFIO, which was asked by the corporate affairs ministry to probe the Satyam fraud, submitted a 14,000-page report to the government giving details of modus operandi, violations of various provisions of the Companies Act and offences punishable under the Indian Penal Code.
The investigation agency in its report levied 32 charges against the people involved in the Satyam fraud.
Following disclosure of the accounting fraud by Satyam founder Raju, various government agencies including SFIO, the Central Bureau of Investigation, the Securities and Exchange Board of India have initiated probes into the scam.
The Institute of Chartered Accountants of India (ICAI) also appointed a disciplinary committee to look into the role of auditors in the accounting fraud.