Hyderabad: Chairman of Karvy Stock Broking Limited C Parthasarathy was arrested Hyderabad PoliceThe espionage department of India on Thursday conducted searches for alleged default of loans taken from IndusInd Bank.
Joint Commissioner of Police (CCS) Avinash Mohanty told TOI that Parthasarathy and other accused in this case had allegedly pledged shares of their clients to take loans.
“Later the accused transferred the money to other bank accounts and later did not repay the loan,” Mohanty said.
Parthasarathy was taken into custody from his residence on Thursday morning and brought to the CCS office.
He was later declared arrested.
Three different banks had earlier filed complaints with the Hyderabad Police against Parthasarathy and some others linked to Karvy Stock Broking Ltd, accusing them of defaulting on loans worth hundreds of crores.
So far only Parthasarathy has been arrested by CCS officials on the complaint given by IndusInd Bank.
Joint Commissioner of Police (CCS) Avinash Mohanty told TOI that Parthasarathy and other accused in this case had allegedly pledged shares of their clients to take loans.
“Later the accused transferred the money to other bank accounts and later did not repay the loan,” Mohanty said.
Parthasarathy was taken into custody from his residence on Thursday morning and brought to the CCS office.
He was later declared arrested.
Three different banks had earlier filed complaints with the Hyderabad Police against Parthasarathy and some others linked to Karvy Stock Broking Ltd, accusing them of defaulting on loans worth hundreds of crores.
So far only Parthasarathy has been arrested by CCS officials on the complaint given by IndusInd Bank.
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