‘Karvy Group’ officials booked by Police in cheating case

Bengaluru/New Delhi, June 17(HS):  The Chief Executive Officer of Karvy Private Wealth-Abhijit Bhave and the directors of other group entities Karvy Stock Brokers, Karvy Realty  India Pvt Ltd and Karvy Capitals have been booked by Bengaluru Police after receiving complaints of cheating from nine investors at Basavanagudi Police Station.

They said that they were duped for sum of Rs. 3.81 crore by relationship managers of Karvy who assured returns of 18-20 percent and personal funds management by the directors of the entities. However, these investors did not receive any return in last two years. Meanwhile, the cheques given by company also bounced. They kept silence for these two years, but finally lodged complaint with police after receiving no valid response from Karvy.

List of these victims include one NRI couple, retired professionals and others. These complainants also say that there are more victims spread in other places including Bengaluru, Hyderabad, Delhi and Mumbai.

It is noteworthy that Karvy gave reasons of demonetisation, GST and Loksabha Elections for the delay in returns initially. But, its present scenario has not come into light till now.