Not attaching properties of bonafide buyers: ED

HYDERABAD: All the directors in the 25 real estate companies, of the 327 companies floated by former Satyam chief B Ramalinga Raju, are either their relatives or trusted employees and none has invested any amount in these companies, Raju’s elder son B Teja Raju stated before the enforcement directorate officials.
This was stated by Rajeev Avasthi, counsel for ED in the AP High Court, while defending the action of the ED in attaching the properties that were allegedly bought with the money generated from Satyam scam.The high court was hearing petitions that challenged these attachments on Thursday.
“We also collected the statements of other employees and heads of the 327 companies floated by the Rajus. All of them stated before us that the properties in the name of these companies did in fact belong to the Rajus and the money for acquiring them too came from Rajus,” Avasthi said.
“Ramalinga Raju’s confession is a well thought-out strategy and we are getting important leads in this regard,” he said. “The question of ED trapping innocents does not arise because there are enough safeguards in the Act. We are not attaching the properties of the bonafide buyers,” he added.