ED obtains 4-day custody of CMD, financial director of the Karvy group in a fraud case of Rs 2,873 cr
Subsequently, the loans were embezzled by a set of high officials working under the general control of Parthasarthy.
The federal agency had earlier attached assets worth Rs 1,985 crore in the deal. C Parthasarathy and Group CFO G Hari Krishna were arrested earlier by ED and are currently out on bail.
This resulted in the increase in value of Karvy’s subsidiaries.