Hyderabad: The day after the Chief Executive Officer and Chief Financial Officer Karvy Stock Broking Limited (KSBL) was arrested by the central Crime Station (CCS) Sleuth from Police Hyderabad, KSBL Y Sailaja Corporate Secretary was arrested on Friday.
He was arrested on charges of issuing false resolution documents to claim that KSBL directors had passed the resolution to take advantage of bank loans.
The police said that when they were investigating the default KSBL loan ₹ 350 Crore to HDFC bank, they found a copy of fake resolution filed to the bank.
False resolution was certified by Sailaja in its capacity as KSBL Corporate Secretary.
HDFC Bank did not realize it relied on alleged false resolution, police said.
Officials, who collected loan application forms by KSBL when applying for loans at HDFC, found that the Directors of the KSBL had not yet passed the resolution in this matter.
“The Secretary of the KSBL company has created a false resolution document, which is claimed to have been continued at the 2018 Board of Directors’ Meeting.
However, at the meeting, it was not resolved in accordance with the board of directors,” said Commissioner with Hyderabad from Police Avinash Mohanty to Tii.