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CEO, CFO of scam-hit Karvy arrested in IndusInd Financial institution default case


Hyderabad: The town police on Thursday arrested two senior executives of scam-hit Karvy Inventory Broking Pvt Ltd for allegedly involving in diverting price range raised from banks by means of pledging shoppers’ securities as collaterals.

In keeping with a police press unlock, Rajiv Ranjan Singh, Leader Government Officer and G. Krishna Hari Leader Monetary Officer of Karvy had been arrested basing on a grievance by means of IndusInd financial institution.

 

The police had previous arrested C Parthasarathy,Chairman of Karvy, on fees of defaulting a mortgage to the song of Rs 137 crore to IndusInd Financial institution.

In November 2019, SEBI barred KSBL from taking new brokerage shoppers after it was once discovered that the brokerage company had allegedly misused shoppers’ securities to the song of over Rs 2,000 crore.

In November 2020, Bombay Inventory Change declared Karvy Inventory Broking as a defaulter and got rid of the brokerage area from its club after a an identical motion was once initiated by means of the Nationwide Inventory Change.

 


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