HYDERABAD:
Karvy Stock Broking Ltd chairman
C Parthasarathy was arrested by
Hyderabad police
's detective department sleuths for allegedly defaulting the loan taken from IndusInd Bank on Thursday.
Joint commissioner of police (CCS)
Avinash Mohanty
told TOI that Parthasarathy and other accused in this case allegedly pledged the shares of their clients to take loans.
"Later the accused diverted the money to other bank accounts and subsequently defaulted on the loan," said Mohanty.
Parthasarathy was taken into custody from his residence on Thursday morning and brought to the CCS office.
Later, he was declared arrested.
Three different banks earlier lodged a complaint with Hyderabad police, against Parthasarathy and few others associated with Karvy Stock Broking Ltd, accusing them of defaulting hundreds of crores of loans.
As of now, the CCS officials arrested only Parthasarathy on the complaint given by IndusInd bank.