Karvy chairman held for bank fraud
The Hindu
Accused availed loan of ₹137 crore by pledging shares of clients
Chairman and Managing Director of Karvy Stock Broking Private Limited, C Parthasarathy (67), was arrested by the Hyderabad police for allegedly cheating Induslnd Bank by availing credit facilities of ₹137 crore. The accused had pledged securities/shares on a personal guarantee by suppressing the facts that he pledged the securities of his clients without their consent by misusing the power of attorney. Based on the complaint lodged by Vice President of IndusInd Bank, Hyderabad, the Central Crime Police registered a case against the accused company and arrested Parthasarathy on Thursday from his residence in Jubilee Hills.
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