Karvy Group case: complex web of transactions designed to misuse clients’ securities, alleges ED
The Hindu
Agency has arrested group's CMD Comandur Parthasarathy and CFO G. Krishna Hari
The Enforcement Directorate (ED) has alleged that the senior management of thehad designed a complex web of transactions to misuse the securities of their clients for raising loans fraudulently. Funds to the tune of ₹2,873.82 crore were diverted by the accused persons.
The agency has arrested Karvy Group's chairman-cum-managing director and chief financial officer G. Krishna Hari on money laundering charge. It is alleged that the clients’ securities were illegally diverted by Karvy Stock Broking Limited (KSBL) and pledged with financial institutions for getting loans.
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