“Several incriminating evidences in the form of property documents, personal diaries, electronic devices, email dumps, etc have been seized and are being analysed,” the financial probe agency said in a statement on Saturday.
“It is reliably learnt that C Parthasarathy is trying to off-load his shares in the group companies through private deals and thus, in order to preserve the proceeds of crime till further investigation, ED has issued a freezing order on September 24 and the estimated value of these shares has been arrived at ₹700 crore as per the valuation for the year 2019-20,” it added.
The forzen shares of the Karvy group are being held “directly and indirectly” by CMD Comandur Parthasarathy, his sons Rajat Parthasarathy and Adhiraj Parthasarathy, and their entities.
The Karvy CMD is currently lodged in Hyderabad’s Chanchalguda jail after being arrested by the Telangana Police last month.
The ED case, filed under the criminal provisions of the Prevention of Money Laundering Act (PMLA), is based on a Telangana Police FIR alleging Karvy Stock Broking had “illegally pledged the securities of its clients and taken a loan of ₹329 crore and diverted the same.”
“Another FIR has been registered by central crime…