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Loan default: Police to question Karvy stock broking CMD

The police sought a week's police custody to question Parthasarathy in connection with a case pertaining to cheating IndusInd Bank, Hyderabad to the tune of Rs.137 crore.

By Telangana Today

Published Date - 25 August 2021, 09:25 PM

Loan default: Police to question Karvy stock broking CMD

Hyderabad: The Hyderabad Central Crime Station (CCS) police on Wednesday took chairman and managing director of Karvy Stock Broking Pvt Ltd, C Parthasarathy (67), into police custody after a local court granted a two day-police custody on Tuesday.

The police sought a week’s police custody to question Parthasarathy in connection with a case pertaining to cheating IndusInd Bank, Hyderabad to the tune of Rs.137 crore. On Wednesday, he was taken from the Central Prison in Chanchalguda to the CCS by a police team.

“We need to question him about the case and diversion of funds and misuse of securities belonging to customers without their permission. A forensic audit was done previously as part of the investigation,” a senior official said.

According to the police, a complaint was lodged by IndusInd Bank officials alleging that Parthasarathy had availed credit facilities of Rs.137 crore from the bank by pledging securities/shares and personal guarantee of the chairman and MD of Karvy Stock Broking Private Limited. He allegedly suppressed the fact that the pledge securities belonged to clients.