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C Parthasarathy (67), Chairman and Managing Director of Karvy Stock Broking Private Limited, was arrested by the Hyderabad police for allegedly cheating Induslnd Bank by availing credit of Rs 137 crore.The information about his arrest was provided at a joint press conference held by Anjani Kumar, Hyderabad City Police Commissioner and Avinash Mohanty, DCP on Thursday.According to the police, on the complainant of Vice President of Induslnd Bank at Hyderabad, a case was registered at the Detective Department of the Central Crime Station, Hyderabad, against the accused company on the allegation of availing credit facilities of Rs 137 crores from the bank by pledging securities/shares and personal guarantee of Chairman and Managing Director by suppressing the facts that the pledged securities belong to the clients without their consent and misusing power of attorney.The securities were transferred into the Demat account of Karvy stock Broking Pvt Ltd and pledged before the complainant for margin and short term requirement in the business of KSBL from March 1, 2013, the police said.The police further stated that the accused company became a defaulter by diverting the funds into its own and connected businesses entities and on November 22, 2019, the SEBI revoked the pledge of securities with Banks/NBFCs and returned the securities/accounts.They said the complaint bank was left with no collateral and thereby KSBL defaulted in repayments of about Rs 137 crores as of March 31, 2021.Further investigation revealed that the accused also diverted Rs 720 crores of clients funds which are lying in the bank accounts linked with their trading account.The accused company here is also learnt to have taken credit facilities from several other banks/NBFCs to the tune of about Rs 680 crores by pledging client securities without their consent and defaulted further repayment, said the police.In this regard, SEBI banned Karvy in 2020. Several criminal cases were registered at CCS DD Hyderabad against the accused company and others.The accused C. Partha Sarathy was apprehended at Jubilee Hills Hyderabad and produced before the Hon'ble XII ACMM Court for judicial remand. Further, the case is under investigation.In the Central Crime Station, another two cases are registered against KSBL and Karvy commodities Pvt Ltd pertaining to loan frauds amounting to Rs 340 crores and Rs 7 crores approximately.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Avinash mohanty, Latest News

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National :Karvy Stock Broking MD arrested for bank loan fraud in Hyderabad

C Parthasarathy (67), Chairman and Managing Director of Karvy Stock Broking Private Limited, was arrested by the Hyderabad police for allegedly cheating Induslnd Bank by availing credit of Rs 137 crore. ...