Karvy MD Parthasarathy in Chanchalguda Jail

Hyderabad: After a two-day custody period, the Hyderabad Central Crime Station produced Karvy Stock Broking Limited chairman and managing director C Parthasarathy before the court on Thursday. He was detained at the Chanchalguda Central Prison yet again.

Speaking on the incident, an official shared that, "We found that Parthasarthy had not only pledged securities belonging to the clients without their consent to IndusInd bank, he had also done trading with securities belonging to the clients without their knowledge and permission. More investigation is to be done into the case to ascertain the facts."

C. Parthasarathy (67), the chairman and managing director of Karvy Stock Broking Pvt Ltd, was detained by the Hyderabad City Police Detective Department on allegations of defrauding the IndusInd Bank, Hyderabad, of Rs.137 crore.