InvestorQ : Is it true that the ED conducted raids across Karvy offices in India?
Aashna Tripathi made post

Is it true that the ED conducted raids across Karvy offices in India?

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Aditi Sharma answered.
3 months ago
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It is not just offices, but even homes and other properties related to the Karvy group were raided across India by the Enforcement Directorate, well beyond Hyderabad. This is related to the money laundering probe against Karvy. The Karvy chairman, C Parthasarathy, and many of his senior colleagues have already been arrested on a complaint of unlawful pledging if shares filed by IndusInd Bank.

It was alleged that the loan amounts were diverted to group companies illegitimately. Karvy was barred from all capital market activities and also from membership of the NSE and BSE. In addition, the ED has also prohibited Karvy from alienating any of its assets till instructed. The scam could be much bigger than originally envisaged.

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