CEO, CFO of the Karvy Stock Broking arrested in bank loan default case

As per to the Hyderabad Central Crime Police, CEO and CFO were arrested on basis of a complaint by IndusInd bank

 

The Hyderabad Central Crime Police on Thursday continuing their investigation into the financial irregularities of Karvy Stock Broking Private Limited (KSBL), has arrested the company’s Chief Operating Officer (COO) and Chief Financial Officer (CFO).

 

As per to the Hyderabad Central Crime Police, CEO Rajiv Ranjan Singh, and CFO G Krishna Hari, were arrested on basis of a complaint by IndusInd bank.

 

The police had earlier arrested the Chairman of the firm, C Parthasarathy on charges of defaulting on a loan to the tune of rupees 137 crore to IndusInd Bank.

 

KSBL was outlawed by the Securities and Exchange Board of India (SEBI) in November 2019 from taking new brokerage clients after it was found that the brokerage firm had allegedly misused the clients' securities to the tune of more than rupees two thousand crore.

 

And, the Bombay Stock Exchange in November 2020 had declared KSBL as a defaulter and removed the brokerage house from its membership after similar action was originated by the National Stock Exchange.

India Scanner News Network

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