Hyderabad: Close on the Heel Karver Stock Proking Ltd (KSBL) Chair and Managing Director C Arms Parthasarathy, Police Hyderabad on Thursday took the Chief Executive Officer KSBL (CEO) Rajiv Ranjan Singh and Chief Financial Officer (CFO) to detention.
Parthasarathy was arrested on August 19 on charges of raising bank loans by promising KSBL client shares.
The police immediately began questioning several associations before the arrest was finally carried out on Thursday.
Commissioner with Hyderabad Police (Detective Department) Avinash Mohanty said the CFO transferred the amount of loans suspected of being nine other companies.
Rajiv, who is responsible for trade and prominent in KSBL, using money parked in nine different companies to trade.
“Krishna day divert funds to the nine Shell companies in accordance with Oral Parthasarathy’s instructions because they showed a large turnover and KSBL market share in the stock market.
This caused a huge loss of Rs 300 Crore, which was shown as a book debt,” Hyderabad police said in the official release.
“Parthasarathy, by suppressing facts, promised securities from KSBL clients without their consent and by misusing the power of lawyers.
The effects are transferred to the Karvy account and promise to complainants for margins and short-term requirements in the KSBL business,” He said.
Officials said from KSBL, two money transferred the nine companies, whose trading account was again allegedly opened by these companies at the parent company (KSBL).
“Because KSBL has a nine-company trading account as a client, the defendant used to operate it,” the statement added.
Parthasarathy Guarantee Tree Denied: The petition of the bail was transferred by the Chairperson of the KSBL and MD C Parthasarathy on Thursday was rejected by the Nampally Criminal Court.
Immediately after being arrested, he had moved a petition looking for a bail.
Bank Fraud: CEO of Karvy, CFO held by HYD COPS
