Karvy stock broking managing director Parthasarathy has been arrested by the Central Crime Station (CCS) police for allegedly evading Rs 780 crore debts of several banks.
The CCS police took action after various banks filed complaint against the managing director of Karvy.
It was learned that Parthasarathy obtained loans 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. The banks in the complaint stated that the loans have been misused by Parthasarathy who was arrested and produced before Nampally court.
Earlier in the day, the enforcement directorate arrested Vuppalapati Satish, managing director of Pruthvi Information Solutions for defrauding banks to the tune of Rs 3,316 crore.