On Saturday, Indian police arrested the chief financial officer of embattled outsourcing giant Satyam Computer Services Ltd for his involvement in a major fraud scandal.

Vadlamani Srinivas is the third executive to be charged following the last weeks arrests of founder and former chairman Ramalinga Raju and his brother former managing director, Rama Raju.

The scandal broke Wednesday when Satyam's founder and former chairman, B. Ramalinga Raju, confessed to falsifying the company's balance sheets and stating fictitious assets and nonexistent cash in an extraordinary letter to the company's board.

The chairman and along with his brother managing director both resigned and were arrested on Saturday. They were charged with criminal conspiracy, forgery, criminal breach of trust and falsifying documents.

They face up to life in prison, he said.

On Saturday night Srinivas, the third-ranking executive at Satyam, was arrested and charged with the same offenses.

Satyam, which is headquartered in the southern Andhra Pradesh state, employs 53,000 people there are concerns of whether the company will be able to meet its payroll this month.

The company's clients include a slew of Fortune 500 companies including Nestle, General Electric and Ford Motors.