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ICICI Bank files Rs 563 cr cheating case against Karvy's promoter

Source: PTI
August 25, 2021 10:38 IST
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A case has been registered against Karvy Stock Broking Ltd promoter C Parthasarathy and others for allegedly cheating ICICI Bank to the tune of Rs 563 crore.

IMAGE: Kindly note that this image has been posted for representational purposes only. Photograph: Shailesh Andrade/Reuters.

According to a press release issued by the police on Tuesday night, the case was booked under Sections 406 (criminal breach of trust), 420, r/w 34 ( cheating) of IPC against the accused.


Funds raised by KSBL by pledging shares of its six bankers were transferred to the firm's own bank accounts, and not into ’Stock Broker Client Account', which is in contravention of Sebi guidelines, the police said.

”Further, all pledges on securities were closed without approval, and securities were transferred to end clients of KSBL thereby severely impacting security of all lenders including ICICI Bank,” it said.

The case was transferred to Economic Offences Wing of Cyberabad and a special team was formed for the investigation.

Parthasarathy was arrested by the city police in Hyderabad on August 19 on charges of defaulting on a Rs 137 crore loan taken from IndusInd Bank.

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