The Enforcement Directorate (ED) on Saturday frozen shares worth Rs 700 crore after raids on Karvy Stock Broking Limited (KSBL) chairman and managing director C Parthasarathy as part of a money laundering investigation against him and others
As per reports, Parthasarathy was trying to sell them in his other companies through private deals. He is currently lodged in the Chanchalguda jail of Hyderabad after being arrested by the Telangana Police last month.
On September 22, the ED raided six of his locations in Hyderabad and on multiple premises of Karvy group of companies, the agency said in a statement.
“Several incriminating pieces of evidence as property documents, personal diaries, electronic devices, email dumps, etc have been apprehended and are being analysed,” it said.
The ED case is based on a Telangana Police FIR alleging KSBL had illegally pledged the securities of its clients and taken a loan of Rs 329 crore and diverted the same. It was booked under the criminal provisions of the Prevention of Money Laundering Act (PMLA).
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