Hyderabad Police Arrest Karvy Stock Broking VP Over Illegal Retailing – Reuters

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By Express press service

HYDERABAD: Hyderabad City Police Central Crime Station on Tuesday arrested Karvy Stock Broking Pvt Ltd Vice President and Chief Risk Officer Srikrishna Gurazada in connection with illegal retail trading at nine front companies. Police have so far arrested KSBL CMD C Parthasarathy, COO Rajiv Ranjan Singh, CFO G Krishna Hari and Company Secretary Y Sailaja in connection with the multi-crore fraud case .

While Parthasarathy is believed to be the alleged mastermind of the fraud, Rajiv Ranjan Singh and G Krishna Hari executed unauthorized trades on the trading accounts of nine other companies between 2014 and 2019.

In November 2019, SEBI revoked the pledge of securities to banks and NBFCs, and returned the securities and accounts. As a result, IndusInd Bank was left without collateral security. This led to Karvy Group not reimbursing up to Rs 137 crore. Sailaja was arrested for falsely creating company resolution and misrepresenting HDFC bank to obtain loans.

HYDERABAD: Hyderabad City Police Central Crime Station on Tuesday arrested Karvy Stock Broking Pvt Ltd Vice President and Chief Risk Officer Srikrishna Gurazada in connection with illegal retail trading at nine front companies. Police have so far arrested KSBL CMD C Parthasarathy, COO Rajiv Ranjan Singh, CFO G Krishna Hari and Company Secretary Y Sailaja in connection with the multi-crore fraud case . While Parthasarathy is believed to be the alleged mastermind behind the fraud, Rajiv Ranjan Singh and G Krishna Hari executed unauthorized trades on the trading accounts of nine other firms between 2014 and 2019. In November 2019, SEBI revoked the pledged titles with banks and NBFC, and returned titles and accounts. As a result, IndusInd Bank was left without collateral security. This led to Karvy Group not reimbursing up to Rs 137 crore. Sailaja was arrested for falsely creating company resolution and misrepresenting HDFC bank to obtain loans.

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