Karvy Stock Broking Limited scam: two years later, investors have yet to see their money | Hyderabad News

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HYDERABAD: Two years after the Karvy Stock Broking Limited (KSBL) scam came to light, hundreds of investors are still waiting to get their hard-earned money back.
Sadly, these investors have relentlessly filed complaints with market regulator Sebi, NSE as well as the company, but all of their calls have fallen on deaf ears.
As of November 2020, NSE said funds and securities worth Rs 2,300 crore owned by over 2.4 lakh of KSBL investors with a fund balance of up to Rs 30,000 had been settled.
Mumbai-based retired professional V Lamba, 62, is in dire straits as his entire retirement fund of almost Rs 95 lakh is stuck with Karvy.
“Karvy is a big name and his clients are big companies. There is no way an investor like me has doubted his credentials. Today I have no other source of income and I had a painful experience because of Karvy and I don’t know how to get my money back… ”he said.
Most investors pointed to Karvy’s repeated failure to meet deadlines in settling accounts. Karvy has repeatedly assured investors that he is in the process of raising funds and that once the money is obtained he will be able to settle accounts, but nothing has materialized yet.
Sivaraman Hariharan, 52, based in Bengaluru, who suffered losses of around Rs 1 lakh, said: “I have sent over 30 complaints to Sebi, NSE as well as Karvy, but I have not still received concrete responses from them. Even my cousin was the victim of this scam because his shares worth around Rs 1.5 lakh were blocked in Karvy’s pool account, ”he said.
Hariharan also said that the arrest of KSBL chairman C Parthasarathy didn’t mean much to a small investor like him, as previously big bosses were also sent behind bars, but they managed to get out. and start their life over again.
Kakinada-based investor Dr BK Santosh, 39, also said that after the Karvy scam he was no longer interested in pursuing any business activity and would now depend only on his income from the medical profession.
Mohit Todi of Dibrugarh Assam, said that three members of his family had accounts with Karvy and last year one of them, Laduram Agarwalla, his grandfather passed away, complicating things for them .
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