Cyberabad police book Karvy chairman

Hyderabad: The Cyberabad Police have booked a case of cheating and criminal breach of trust against Karvy Stock Broking Pvt Ltd, its Chairman and Managing Director C Parthasarathy and others here on Tuesday. Parthasarathy, who was earlier arrested by the Hyderabad Police on charges of cheating the IndusInd Bank last Thursday, is currently in judicial […]

Hyderabad: The Cyberabad Police have booked a case of cheating and criminal breach of trust against Karvy Stock Broking Pvt Ltd, its Chairman and Managing Director C Parthasarathy and others here on Tuesday.

Parthasarathy, who was earlier arrested by the Hyderabad Police on charges of cheating the IndusInd Bank last Thursday, is currently in judicial remand.

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Following a complaint from the management of the ICICI Bank alleging that the firm cheated it to the tune of Rs 563 crore, the Gachibowli police booked a case against the firm, Parthasarathy and Yugendhar, the company’s director and others. The case was subsequently transferred to the Economic Offences Wing and is being supervised by Kavitha, Additional DCP.

Police said ICICI authorities alleged that the management of the firm had availed credit facilities worth Rs 563 crore from the bank by pledging securities and shares and personal guarantee of the chairman and MD between 2009 and 2019. They allegedly suppressed the fact that the pledge securities belonged to clients and without their consent and misuse of power of attorney was furnished as collaterals. The securities were further transferred into the Demat Account of Karvy Stock Broking Private Limited. Later, the company become defaulter by diverting the funds into own and connected businesses, and defaulted the payments of ICICI Bank.

A special team was formed to probe the case. The Cyberabad police are expected file a prisoner transit warrant before the court seeking Parthasarathy’s custody for further questioning.

Meanwhile, a local court sent Parthasarathy to two day police custody on a complaint from IndusInd Bank allegedly for defrauding the bank of Rs. 137 crores. The police had approached the court seeking seven day police custody as part of the probe, however the police granted two day police custody.

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