Hyderabad: Karvy MD Parthasarathy Arrested for Misusing Client Funds

Karvy MD Parthasarathy was arrested on charges of evading bank loans. CCS police on Thursday arrested him in connection with a Rs 780 crore debt evasion case. CCS‌ police took action on the complaint filed by various banks against the Managing Director of  the finance company.

Parthasarathy borrowed from various banks by mortgaging Karvy shares. He borrowed Rs 340 crore from HDFC Bank, Rs 137 crore from Indus Ind Bank and another Rs 7 crore from HDFC Bank. Banks complained that those loans had been misused. He was produced before the court in Nampally.