Private sector ICICI Bank on Saturday said it closed the second quarter of FY24 with an increased net profit of Rs 10,261 crore.
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 the security of all lenders including ICICI Bank, it said.
The case was transferred to the 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