Karvy Stock Broking Pvt Ltd President in ED’s net

Hyderabad: Enforcement Directorate officials have taken custody of Karvy Stock Broking Private Limited’s president for seven days in connection with loan frauds from three banks.

After obtaining permission for 7 days of custody from the Nampally Criminal Court, Enforcement Directorate officials have taken custody of KSBL C. Parthasarathy from the Central Crime Police, Hyderabad.

The Enforcement Directorate officials will reportedly try to get information from Parthasarathy about the bank loans’ irregularities as well Karvy’s investment inside and outside the country.

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It is to be noted that Parthasarathy has obtained crores of rupees as loans from various banks including HDFC Bank’s Rs.340 cr, IndusInd Bank’s Rs. 137 and an additional loan from HDFC Bank.

Bank officials have reportedly said that Parthasarathi misused the amounts obtained through the bank loans by pledging securities of Karvy’s clients guarantee.

Officials of the Enforcement Directorate said they are trying to obtain details of the investments made by Karvy inside and outside the country.

It is alleged that Parthasarathi used the amounts of the loans taken from the banks to invest in companies abroad which are being investigated by the Enforcement Directorate.

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