Karvy company secretary held in cheating case

Hyderabad: Continuing the investigation into the Karvy Stock Broking Limited cheating case, the Hyderabad Central Crime Station police on Friday arrested Y. Sailaja, a Company Secretary working for Karvy, on charges of falsely creating the company resolution and misrepresenting the HDFC bank to obtain loans. Police said Sailaja, being the Company Secretary, had created a […]

Hyderabad: Continuing the investigation into the Karvy Stock Broking Limited cheating case, the Hyderabad Central Crime Station police on Friday arrested Y. Sailaja, a Company Secretary working for Karvy, on charges of falsely creating the company resolution and misrepresenting the HDFC bank to obtain loans.

Police said Sailaja, being the Company Secretary, had created a false resolution document claiming to be passed in the meeting of Board of Directors of Karvy Stock Broking Limited held in 2018, which was not resolved in the actual meeting as per the original record of minutes of Board of Directors meeting.

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“By falsely representing the said resolution document, C Parthasarathy, the Chairman and MD of the company had fraudulently availed a loan of Rs.350 crore by pledging the shares of its clients illegally, from HDFC Bank and defaulted in payments,” a senior police official said.

The arrested CS was produced before court and remanded in judicial custody. The CCS police has so far made four arrests in the case, including that of Parthasarathy.

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