Investors' Grievances Forum president Kirit Somaya demanded registration of a criminal complaint by the city police against the promoter and auditors of the financial fraud-hit Satyam Computer.

"It is well-known that Satyam Computer management, promoters have accepted the Rs 8,000-crore ($1.6 billion) fraud. We request you to register a criminal complaint against the promoter, B Ramalimga Raju and auditors, PriceWaterwouseCoopers", he said in a letter to the Crime Branch of Mumbai Police.

In a separate letter to Securities and Exchange Board of India (SEBI), Somaya, a former MP, has requested the market regulator to convene a meeting of investors' associations to restore their confidence.

"It is obvious that promoters acted with vested interest and appointed persons who suited their interest the best", he said in the letter. "We also request you to urgently convene a meeting of investors' associations to restore small investors' confidence", it added.

The Economic Offences Wing of the police would look into the allegations levelled in the letter, joint commissioner of police (crime) Rakesh Maria said.

"We will conduct a preliminary enquiry into the allegations made and if prima facie there seems to be an offence, then appropriate action will be taken," Maria said. The forum would consider approaching the Bombay High Court as well, seeking that the property of the promoters of Satyam Computer be seized, Somaya said.

"We will demand a probe into the action taken by the market regulators and the BSE and NSE", Somaya said after submitting the letter to the police.

The forum will also consider filing a more detailed set of allegations before the police in the next three days, he added. X

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