Hyderabad: The Enforcement Directorate (ED) has taken the Chairperson of the Karver Group and the Managing Director of C Parthasarathy to detention and began to bake to divert client securities with RS 2,873 Crore and Floating 14 Shell Company.
Ed Probe has revealed that the investigation of funds has shown that loan funds are transferred to other group companies, especially for limited carvy realty (India) and to Shell companies floating by groups.
The Special Court of PMLA MSJ Hyderabad has returned Parthasarathy and CFO Karvy Group G Krishna day to Four Days of Ed Custody from January 27 to January 30.
Ed arrested Parthasarathy and the day under the prevention of recent money laundering actions.
The defendant was allegedly promised to bank and NBFC to find loans and failed to pay loan payments.
Ed ordered money laundering case based on FIR submitted by HDFC Bank with police CCS Hyderabad.
“We have revealed complex web transactions designed by senior management of the Karvy Group to abuse their clients securities and to increase loans cheatly.
The defendant directs money to several companies and divert it.
Client shares that do not owe every fund to Karvy Stock Broking Limited (KSBL ) Also transferred to margin or collection accounts and are guaranteed by Bank and NBFC.
The power of attorney provided by the client to KSBL to facilitate exchange settlements is highly misused in the direction of the carvy cmd and senior executives, “alleged ed.
Named Parthasarathy and the day as the main conspirator that gives instructions to others.
Ed Probe also found that KSBL utilizes loans from NBFC to the RS 400 Crore tone on behalf of the five Shell companies by promising KSBL client shares after illegally transfer these shares to their accounts.
The cheatly available loans are used to clean up loans that are delayed from related companies and conducting large stock transactions which are thought to have changed to total losses, he said.
The money was also diverted to a family company personally.
ED previously had a stock ownership frozen from Parthasary at around Rs 700 Crore.
Ed also investigated the footprint of money to track the crime results that approach Rs 2,000 Crore.
Parthasarathy and the day was submitted in a central prison, Bengaluru, and in the guarantee of the production of Ed Court, they were produced before the PMLA Court here.
Ed has also recorded a statement of senior Karver Group employees and searched nine locations in September last year.