Karvy scam: ED attaches assets worth Rs 110 crore

Tribune News Service

New Delhi, July 30

The ED today said it had issued a provisional attachment order under the Prevention of Money Laundering Act to seize assets worth over Rs 110 crore as part of its probe against Karvy Stock Broking Limited, its chairman and managing director C Parthasarathy and others for availing loan on forged documents.

The case is based on FIRs by the Hyderabad police on the complaints of lending banks, who alleged that Karvy Group had availed large amounts of loans by illegally pledging their clients’ shares worth about Rs 2,800 crore and the said loans had become non-performing asset after the release of the client’s securities as per the orders of the National Stock Exchange and the Security and Exchange Board of India.

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