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Updated August 26th, 2021 at 09:23 IST

ICICI Bank files Rs 563 crore fraud case against Karvy Stock Broking Ltd

A case has been registered against Karvy Stock Broking for or allegedly cheating ICICI Bank to the tune of Rs 563 crore. A special team to investigate the case

Reported by: Digital Desk
ICICI
Credit: PTI | Image:self
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ICICI bank has registered a case against Karvy Stock Broking Ltd promoter C. Parthasarathy and others for allegedly cheating the 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.

The police said that the 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 release statement further said, all pledges on securities were closed without approval, and securities were transferred to end clients of KSBL thereby severely impacting the security of all lenders including ICICI Bank. 

Now the case is handed over to the Economic Offences Wing of Cyberabad. Also, a special team was formed for the investigation.

On August 19, Parthasarathy was arrested by the city police on charges of defaulting on a Rs 137 crore loan taken from IndusInd Bank.

About ICICI Bank

ICICI was established in 1955 at the initiative of the World Bank, the Government of India, and representatives of Indian industry. According to the Bank, their principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.

As of September 20, 2020, the Bank’s consolidated total assets stood at Rs. 14.76 trillion. At present, ICICI Bank has a network of 5,288 branches and 15,158 ATMs across India. The Bank has been awarded as the 'Best Private Sector Bank' at the FE Best Banks Awards 2019-2020. 

In a recent update, ICICI Bank is offering senior citizens special fixed deposit (FD) schemes, providing higher interest rates on term deposits. Considering the long-term stability, Bank fixed deposits (FDs) are an ideal investment opportunity for senior citizens. ICICI Bank has extended its Golden Years FD meant for senior citizens to 7 October 2021. 

ICICI Bank Golden Years FD scheme offers an 80 bps higher interest rate and will give 6.30% per annum. 

(With PTI inputs)

(Image credit: PTI)

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Published August 26th, 2021 at 09:23 IST

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