Enforcement Directorate has frozen Rs 700 crore worth shares of Hyderabad-based Karvy Group after learning that its chairman and managing director (CMD) C Parthasarathy was trying to off-load them in his other companies through private deals in a bid “to preserve the proceeds of crime till further investigation”.
On September 22, ED conducted searches at six locations connected to s Karvy Stock Broking Limited (M/s KSBL) under the Prevention of Money Laundering Act (PMLA). Subsequently, ED issued a freezing order to Karvy Group shares held directly and indirectly by Comandur Parthasarathy, his sons, Rajat Parthasarathy and Adhiraj Parthasarathy, and their entities in order to safeguard the proceeds of crime.
ED raided various premises of Karvy Group of Companies, connected entities, and at the residential premises of C Parathasarathy. During the course of the search, several incriminating evidences in the form of property documents, personal diaries, electronic devices, email dumps, etc have been seized.
ED said it is reliably learnt that C Parthasarathy was 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 22. ED said the estimated value of these shares is Rs. 700 Crore as per the valuation for the year 2019-20.
ED initiated a money-laundering investigation on the basis of FIRs registered by Telangana Police on the Complaint of…