Maharashtra to get six new CBI courts

MUMBAI - Six new special Central Bureau of Investigation (CBI) courts are likely to become functional in Maharashtra by the end of 2010, taking their total number in the state to 11, a top official said here Saturday.

“The CBI had sent a proposal for creation of additional courts of special judges to the government of India. The government has accepted the proposal,” said CBI Director Ashwani Kumar, while speaking at a three-day conference here.

“For Maharashtra, the central government has proposed six exclusive CBI courts in addition to the existing courts — three in Mumbai and one each in Amravati and Nagpur,” he added.

“It will be our endeavour to make these CBI courts functional by the end of this year - 2010,” Kumar said.

Kumar mentioned that the proposed six special courts in Maharashtra are a part of the re-structuring plan wherein it will come up with 71 exclusive courts for the CBI.

The CBI officials later also gave detailed view of the findings of the Satyam scam.

J.L. Negi, general manager of Reserve Bank of India who joined the agency to train investigating officers in bank securities and frauds, mentioned how the promoters and the family of the company wrongfully gained Rs.2,743 crore from the scam.

“Satyam had inflated non-existent cash of Rs.5,040 crore. Our findings further said that that Satyam had understated liability of Rs.1,230 crore and over stated debt by Rs.490 crore,” said Negi.

Negi mentioned how the CBI’s findings revealed that the promoters of Satyam had floated 327 front companies and published inflated financials.

“Satyam had taken a loan of Rs.1,230 crore from the front companies which are not accounted for in the books,” Negi said in a presentation.

“It had taken unaccounted loans of Rs.1,493.84 crore from banks,” he added.