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The Hindu
The Hindu
National
The Hindu Bureau

ED attaches assets worth ₹134 crore in Karvy group scam

ED KFintech NBFCs KSBL

The officials from the Directorate of Enforcement (ED) provisionally attached under the Prevention of Money Laundering Act-2002 assets worth ₹134.02 crore in the form of 1,000 Non-Convertible Redeemable Preference Shares of KFin Technologies Ltd. (KFintech). The total attachment in this case stands at ₹2,229.56 crore, according to the officials.

The shares were held in the name of Adhiraj Parthasarathy, son of C. Parthasarathy, the CMD of Karvy Stock Broking Ltd. (KSBL). 

ED had initiated a probe following FIRs registered by the Central Crime Station (CCS) of Hyderabad, alleging that KSBL availed of loans by illegally pledging its clients’ shares worth about ₹2,800 crore and did not repay the loans. The loans were subsequently declared as NPA and as fraud accounts.

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