Karvy scam | ED holds searches at properties linked to firm
The Hindu
Agency issues order freezing group shares worth ₹700 crore held by CMD, others.
The Enforcement Directorate has conducted searches at six locations linked to Karvy Stock Broking Limited (KSBL) in connection with bank fraud cases involving ₹2,873 crore. It has also issued an order freezing Karvy group shares worth ₹700 crore held directly or indirectly by the KSBL chairman-cum-managing director (CMD) and others.
The ED’s freezing order is with respect to the shares held by KSBL CMD Comandur Parthasarathy, his sons, Rajat and Adhiraj, and their entities. Their estimated worth has been arrived at as per the valuation for 2019-20.
Last month, the Hyderabad police had arrested Mr. Parthasarathy for allegedly cheating IndusInd Bank of ₹137 crore. The ED recorded his statement when he was lodged in Chanchalguda Jail there.
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