ED arrests Karvy MD, CFO in money laundering case
The Hindu
Illegal diversion of clients’ securities worth ₹ 2,873.82 crore
Officials of the Enforcement Directorate arrested Comandur Parthasarathy, CMD of Karvy Group and G Krishna Hari, CFO of Karvy Group under Prevention of Money Laundering Act (PMLA), 2002.
The case pertains to alleged money laundering connected with illegal diversion of clients’ securities worth ₹ 2,873.82 crore by Karvy Stock Broking Ltd and pledging these securities with banks and NBFCs for seeking loans and subsequent loan default.
The ED said that investigation began after HDFC Bank filed a complaint at the Central Crime Station. More complaints were filed by other banks later, they added.
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