Tag: ipc

ICICI Bank files cheating case against Karvy Stock Broking Ltd, BFSI News, ET BFSI

Banking & Finance

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A case has been registered against Karvy Stock Broking Ltd promoter C. Parthasarathy and others for allegedly cheating ICICI Bank to the tune of Rs 563 crore.

According to a press release issued by the police on Tuesday night, the case was booked under Sections 406 (criminal breach of trust), 420, r/w 34 ( cheating) of IPC against the accused. Funds raised by KSBL by pledging shares of its six bankers were transferred to the firm’s own bank accounts, and not into ‘Stock Broker Client Account’, which is in contravention with the SEBI guidelines, the police said. “Further, all pledges on securities were closed without approval… and securities were transferred to end clients of KSBL thereby severely impacting security of all lenders including ICICI Bank,” it said.

The case was transferred to Economic Offences Wing of Cyberabad and a special team was formed for the investigation. Parthasarathy was arrested by the city police here on August 19 on charges of defaulting on a Rs 137 crore loan taken from IndusInd Bank.

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ED attaches assets worth Rs 20.25 cr in possession J-K industrialist in Bank of India loan case, BFSI News, ET BFSI

Banking & Finance

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Directorate of Enforcement (ED), has provisionally attached assets worth Rs 20.25 crores in the form of immovable properties in possession of one of the accused Raj Kumar Gupta, an industrialist in Jammu and Kashmir in Bank of India loan case.

The case involves siphoning off of funds to the tune of Rs 91.63 crores (through companies/firm namely Jhelum Infra Projects India Private Limited- Rs 39.70 crore, M/s Jhelum Industries – Rs 33.83 crores and I. D SoodIspat Private Limited- Rs 18.10 crores).

“The loan accounts were classified as non-performing assets (NPA) on December 31, 2014,” stated the press release by ED on Thursday.

ED initiated an investigation on the basis of FIRs registered by Central Bureau of Investigation, Jammu under section 120-B read with section 420 and 409 of Ranbir Penal Code, 1989 (pari-materia sections under IPC).

The investigation so far has revealed that huge amount of cash of Rs 20.87 crore was withdrawn from the loan accounts and accounts of various sister concerns. Further, funds to the tune of Rs 18.47 crores were siphoned off through accounts owned and controlled by Raj Kumar Gupta and his family members and through bogus accounts in the name of his employees opened specifically for the purpose of siphoning off of funds of loan accounts. The remaining funds were utilised for making payments to different individuals for a non-business purpose.

The attached properties include land admeasuring 44 kanals 10 marlas at village Kartholi, district Samba of worth Rs 7.59 crores and land admeasuring 491 kanals 16 marlas in tehsil Pampore, district Pulwama of worth Rs 12.66 crores.

Further investigation, in this case, is under progress. (ANI)



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