Stock Broker's Rs 1,984-Crore Property Attached In Money Laundering Case
NDTV
The money laundering probe began after banks complained the Karvy Group availed large amounts of loans by illegally pledging their clients' shares worth about Rs 2,800 crore and the loans have become non-performing asset.
The Enforcement Directorate (ED) said on Wednesday it has attached immovable and movable properties in the form of lands, buildings and shareholdings worth Rs 1,984 crore belonging to Karvy Stock Broking and its chairman C Parathasarathy and others in a money laundering case.
The ED initiated a money-laundering investigation on the basis of FIRs filed by the CCS Police Station, Hyderabad Police, based on the complaints of lending banks.
The banks had complained that the Karvy Group availed large amounts of loans by illegally pledging their clients' shares worth about Rs 2,800 crore and the said loans have become non-performing asset (NPA) after the release of the client's securities as per the orders of the National Stock Exchange (NSE) and the market regulator Securities and Exchange Board of India (SEBI).
Karvy Stock Broking Limited (KSBL) was one of the leading stock brokers in the country with millions of clients.
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