COO and CFO of Karvy Stock Broking arrested
The Hindu
Charged with defaulting bank loans, raising loans against securities of clients without their consent
Continuing their probe into the financial irregularities by Karvy Stock Broking Private Limited, Hyderabad Central Crime Police on Thursday arrested the firm’s Chief Operating Officer and Chief Financial Officer. The COO Rajiv Ranjan Singh (52) and CFO G. Krishna Hari (63) were arrested from their respective residences in the city. Last month, the police arrested the group’s Chairman and Managing Director C Parthasarathy for allegedly defaulting bank loans, besides raising loans against the securities of his clients without their consent. On the complaint of vice-president of IndusInd Bank Hyderabad, a case was registered at CCS, against Karvy Stock Broking Pvt Ltd on the allegation of availing credit facilities of ₹ 137 crores from the complainant bank by pledging securities/shares and personal guarantee of Chairman and MD Parthasarathi by suppressing the facts that the pledged securities belong to the clients without their consent and misusing power of attorney. The securities were transferred into the Demat account of Karvy stock Broking Pvt Ltd and pledged before the complainant bank for margin and short-term requirement in the business of KSBL from March 1, 2013, Joint Commissioner of Police Avinash Mohanty said.
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