ED bank loan fraud case for questioning C Parthasarathy taken into custody

HYDERABAD, INDIA: Comandur Parthasarathy, Chairman and Managing Director of Karvy Stock Broking Limited (KSBL), is set to be questioned in police custody after being arrested by the Law Enforcement Directorate (ED) on Sunday in connection with a bank fraud case.

The alleged accused was placed in the agency’s custody for five days. Prathasarathy is currently being held in Chanchalguda Prison and will be imprisoned shortly. On a prisoner transit warrant, he was detained in Bengaluru prison and sent to Chandhalguda prison.

Initially, a complaint was filed against him by Hyderabad Central Crime Station (CCS) Police. The Hyderabad Police Department filed five complaints against the company. According to Indusind Bank and HDFC Bank, KSBL committed loan fraud by pledging its client’s securities and transferring the loan amount.

Based on Hyderabad Police FIRs, the ED launched a money laundering investigation. In this case, the CCS police in Hyderabad filed an indictment. The ED took a copy of the indictment and other documents needed to investigate the money laundering case after launching a PMLA investigation. The ED also used reports from the Internal Revenue Service, the Reserve Bank of India, the Securities and Exchange Commission and the National Stock Exchange to bolster their case.

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