ED arrests head of Karvy for money laundering
ED arrests head of Karvy for money laundering

Authorities from the Enforcement Directorate detained Comandur Parthasarathy, the chairman and managing director of Hyderabad-based Karvy Stock Broking Limited (KSBL), on Sunday in connection with an alleged money laundering and funds diversion scheme worth hundreds of billions of rupees.

The ED sleuths had transported Parthasarathy to Hyderabad and produced him at the special court for ED cases, which remanded him to judicial detention for questioning, according to a source familiar with the development.

The ED conducted search warrants at six addresses linked to the KSBL in September for possible money laundering. According to an official statement from the ED, the Karvy Group’s shares have been frozen.

The HDFC Bank claims that KSBL improperly pledged its clients’ securities and obtained a loan of 329 crore, which it then diverted.

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