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ED attaches property worth Rs 110 crore in KSBL case

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The Enforcement Directorate (ED) on Saturday said that they have attached immovable and movable assets worth Rs 110 crore in the money laundering investigation against Karvy Stock Broking Ltd (KSBL), its Chairman Comandur Parthasarathy and others.

With the fresh attachments, the total now stands at Rs 2,095 crore.

In March, the ED had attached immovable and movable properties in the form of land, buildings and share holdings worth Rs 1,984 crore.

The probe agency initiated its investigation on the basis of FIRs filed by the CCS Police Station, Hyderabad Police, on the complaints of lending Banks who complained that the Karvy Group had availed large amounts of loans by illegally pledging their clients’ shares worth about Rs 2,800 crore and the said loans became NPA after the release of the client’s securities as per the orders of NSE and SEBI.

KSBL was one of the leading Stock Brokers in the country with millions of clients. The scam came to light after a limited purpose inspection of KSBL conducted by NSE in 2019 revealed that KSBL had not revealed a DP Account and credited the funds raised by pledging of client securities to six of its own bank accounts (“Stock Broker-own Account”) instead of the “Stock Broker-Client Account”.

The ED collected the audit conducted by NSE and the orders passed by SEBI and ROC against KSBL and the forensic audit reports of BDO India LLP.

In 2021, the ED conducted searches at nine locations. This year, Parathasarathy, and G. Hari Krishna, CFO, were arrested and were sent to judicial custody.

The agency said that the accused were evasive throughout the questioning.

According to ED investigation, KSBL had misused the Power of Attorney given by its clients and misused the same to illegally raise loans.

Shares of clients who did not owe any funds to KSBL had been transferred to the Pool Account of KSBL and were pledged with the banks by making misleading declaration of ownership.

“Share transfers were done from the client’s accounts for which the KSBL’s Sales Team claimed that they had taken clients’ approval for stock lending through phone or orally, but there were no supporting documentary evidence,” said an ED official.

Large amounts of proceeds of crime were ‘invested’ by the accused in the form of investments, short term advances, loans to group companies. This resulted in enhancement of the value of the subsidiary companies of KSBL.

“Now the accused were trying to sell these subsidiary businesses at a profit to yield indirect windfall gains to the main accused,” the ED said.

Crime

‘I Love Muhammad’ row: Tension continues in Karnataka’s Belagavi, 11 detained

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Belagavi, Oct 4: Tension continued to simmer in Karnataka’s Belagavi city on Saturday following a stone-pelting incident linked to the raising of ‘I Love Muhammad’ slogans.

Police have detained 11 persons and made tight security arrangements across Belagavi city.

The Police Department is on high alert as Chief Minister Siddaramaiah is scheduled to visit the city on Saturday.

According to police, the stone-pelting incident occurred on Friday evening during the ‘Urs’ procession. While the procession was underway, “I Love Muhammad” slogans were raised. When objections were raised, the mob resorted to stone pelting near the Khadak Galli area.

The police also stated that they have obtained video evidence showing youths chanting ‘I Love Muhammad’ slogans and engaging in violence.

The Police further said that the group changed the procession route without permission.

Khade Bazar Police have detained 11 people in connection with the incident and are questioning them. A case has been registered, and further investigation is underway.

Security has been tightened since Friday night, with police patrolling throughout the night, the police said.

A platoon of the Karnataka State Reserve Police (KSRP) has been deployed in the Khade Bazar area. Police have indicated that more persons will be taken into custody in connection with the incident.

Meanwhile, Hindutva activists have put up ‘Har Har Mahadev’ banners in Belagavi city. Taking the situation seriously, police are maintaining a strict vigil.

In another development, an ‘I Love Muhammad’ banner installed at Aland in Kalaburagi district was removed by jurisdictional police on Saturday.

The banner had been put up as part of the Laadle Mashak Dargah urs programme. After receiving information, police rushed to the spot and cleared the banner.

An investigation is ongoing.

Earlier, two groups clashed over an ‘I Love Muhammad’ poster in Davanagere city, further fueling tensions.

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Crime

TN Police launch manhunt for TVK’s Namakkal district secy after Madras HC rejects bail plea

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Chennai, Oct 4: The Tamil Nadu Police have intensified efforts to trace and arrest N. Satish Kumar, Namakkal district secretary of actor Vijay’s Tamilaga Vettri Kazhagam (TVK), after he went missing following the dismissal of his anticipatory bail petition, officials said on Saturday.

Two special squads have been formed under the supervision of Inspector Kabilan to locate the absconding TVK functionary, according to official sources.

The action comes after the Madras High Court on Friday denied anticipatory bail to Satish Kumar in connection with a case registered for allegedly attacking a private hospital in Namakkal.

The incident reportedly occurred when TVK leader Vijay was campaigning in the district ahead of the Assembly elections scheduled to be held next year.

Satish Kumar approached the court seeking protection from arrest.

During the hearing, his counsel, advocate A. Murugavel, said that his client was being falsely implicated for political reasons.

“The petitioner has not committed any crime. The case was filed solely because he happened to be present at the location when the incident took place,” Murugavel added.

However, the prosecution strongly opposed the plea, presenting details of damages caused during the unrest.

Police counsel said that TVK cadres had damaged hospital property worth Rs 5 lakh during the incident.

They also said that eight other criminal cases were already pending against Satish Kumar, including charges related to public property destruction.

The police also submitted photographic evidence from the spot to substantiate their claims.

After examining the images, Justice N. Senthilkumar said that as a district-level TVK leader, Satish Kumar, could not disown responsibility for the violent actions of his cadre.

“If party members were engaged in such acts, how can the petitioner claim ignorance? Shouldn’t he have exercised control over them?” the judge remarked before rejecting the anticipatory bail plea.

With the court’s decision, the Namakkal police have stepped up operations to track down Satish Kumar, who has reportedly been untraceable since the judgment.

Officers said that both squads are actively following leads and scanning possible hideouts.

The move is seen as part of a broader crackdown on political violence and property damage during election campaigns.

Authorities indicated that if Satish Kumar fails to surrender, further legal steps, including issuing a lookout notice, could follow.

The police have appealed to the people to share information on his whereabouts confidentially.

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Crime

Mumbai: Special POCSO Court Seeks Reply From Deputy Commissioner Of Police in Otters Club Child Sexual Assault Case

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Mumbai: The special court for Protection of Children from Sexual Offences (POCSO), on Friday, asked the Deputy Commissioner of Police (DCP) to file reply on the plea of further probe against the office-bearers of Bandra-based Otters Club, in a case of alleged sexual assault on a minor boy at the club by a waiter in September 2023.

The court was hearing the arguments made by advocate Rizwan Merchant on behalf of the complainant father, a businessman. The victim boy was 7 years old at the time of the alleged incident. It was contended that the court should seek reply from the DCP on further probe under his supervision. The court has now scheduled the hearing for next week.

The complainant had challenged the closure report submitted by the Bandra police against the club officebearers, who were also named in the complaint. It was claimed that even after bringing the facts to the notice of the managing committee they failed to act. Hence, he filed a police complaint, demanding that the office-bearers should be prosecuted for failure to take action.

The father had claimed that the office-bearers had tried to arm-twist him. He further claimed that they assured him that the matter would be referred to the Prevention of Sexual Harassment committee. Notably, the case could not go to the committee as it was related to child sexual harassment, argued the father.

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