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Hyderabad: ED arrests Karvy CMD Parthasarathy in fraud case
The Enforcement Directorate (ED) on Monday arrested Karvy Stock Broking Ltd chairman C Parthasarathy in connection with the money laundering case registered at the Central Crime Station (CCS) in Hyderabad.
Hyderabad: The Enforcement Directorate (ED) on Monday arrested Karvy Stock Broking Ltd chairman C Parthasarathy in connection with the money laundering case registered at the Central Crime Station (CCS) in Hyderabad.
The officials took Parasarathy into custody from Bengaluru and shifted him to Hyderabad. It is known that Parthasarathy has transferred the shares of the investors into demat account of the company and obtained bank loan on them. There were also allegations that he diverted the funds into his real estate company.
Earlier, ED had frozen the shares of the accused which is around 700 crore worth. The officials said that the accused obtained the loan of Rs 3,000 crore of which Rs 1,096 crore was transerred to the real estate company between 2016 and 2019. During the investigation, it was also found out that the company deleted files and emails from servers by using anti-forensic tools on the directions of Parathasarathy.
The officials had also conducted searches earlier at six Karvy stock brocking companies limited locations. and froze the shares of Karvy group possessed by Parthasarathy, his sons Rajat and Adhiraj Parthasarathy.
The ED which completed investigation is yet to disclose the information and is likely to take Parthasarathy into custody who was at Chanchalguda jail.
