Hyderabad: The enforcement directorate on Wednesday conducted a search in six locations in Hyderabad in connection with the Karvy Stock Broking Scam.
The search was conducted at the residence of the Karvy Stock Broking Chair and Managing Director C Parthasarathy and Karvy office.
Ed had previously recorded Parthasarathy’s statement.
Ed verified the goals and routes of crime by hundreds of crores in fraud.
Ed has posted a case under the prevention of money laundering law based on firs issued by the Middle Crime Station Hyderabad.
CCS has registered four cases so far against Karvy to cheat Indusind Bank and HDFC banks for loan fraud and clients to divert their stock and money.
In one case, Indusind Bank accused the management of the Karvy Credit Facility available RS 137 Crore by promising for securities.
Parthasarathy suppresses the fact that securities that are guaranteed by the client without their consent and abuse the power of lawyers.
The client’s letters are then transferred to the Karvy Company account and promised Indusind Bank.
Karvy turned into defaulters and also transferred funds to the sister company itself.
In another case, the HDFC Bank was tricked into the Tone of Rs 350 Crore.
The case was registered on September 8 with the SheshAdripuram police station in Bengaluru under the IPC cheating section, criminal conspiracy and forgery against Parathasarty and others.
Bengaluru Central Crime Branch (organized crime) is investigating this case.
Parthasarathy is Director of Karvy Reality (India) Private Ltd where complainants have transferred Rs 109 Crore.
Parthasarathy was also accused of the case of 25 lakh rs cheating in Barnala Punjab.