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The city police on Thursday arrested two senior executives of scam-hit Karvy Stock Broking for allegedly involving in diverting funds raised from banks by pledging clients’ securities as collaterals.
According to a police press release, Rajiv Ranjan Singh, Chief Executive Officer, and G Krishna Hari, Chief Financial Officer of Karvy, were arrested based on a complaint by IndusInd Bank.
The police had earlier arrested C Parthasarathy, Chairman of Karvy, on charges of defaulting a loan to the tune of ₹137 crore to IndusInd Bank. In November 2019, SEBI had barred KSBL from taking new brokerage clients after it was found that the firm had allegedly misused clients’ securities to the tune of over ₹2,000 crore.
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