SUPREME COURT REFUSES BAIL TO PWC AUDITOR IN SATYAM CASE

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The Supreme Court refused to grant bail to PricewaterCoopers auditor Subramani Gopalkrishnan, arrested for allegedly conniving with Satyam Computers then chairman B Ramalinga Raju in the Rs 7,000-crore fraud.

A large number of investors of Satyam Computers were defrauded of their money through the manipulation of the accounts of the company to create a false impression among the investors that the firm was in robust financial health, while in fact the company was in the red and was facing severe financial crisis.
 
Petitioner Gopalkrishnan had moved the apex court against the order of Andhra Pradesh High Court, which had dismissed his bail petition earlier.
 
Andhra Pradesh government and CBI strongly opposed the bail application of the petitioner on the ground that the proceedings in the fraud case are at a crucial stage and he may tamper with the evidence if granted bail.

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