Two Karvy staff use customer’s Rs 1 crore without consent; held
HYDERABAD: The Hyderabad Central Crime Station (CCS) police arrested two women staffers working at a Karvy Sub-Broking office in Tarnaka on Monday for duping two customers by misappropriating their stock holding.
The arrested women were branch manager G Mounika, 25 and assistant branch manager Shivini Gari Shetty Vasundhara, 41.
Ramarao Nagaraj, a Citizenship of India (OCI) card holder of USA, approached CCS police stating that his wife and he had stock valuation of Rs 1 crore in their demat account at Karvy’s Tarnaka branch. In February 2018, Mounika and Vasundhara had taken their signatures on blank papers on the pretext of activating their demat accounts. Nagaraj alleged that the two accused started trading from the demat account from May 2018 to February 2019, without consent and caused a loss worth Rs 1 crore.
The complainant accused the two of repeatedly trading nearly Rs 100 crore for brokerage sharing between 60 per cent and 40 per cent between the Karvy Sub-broker office and Karvy Main office and violated the rules of SEBI/NSE without taking any purchase order from the complainant. Based on the complaint, police registered cases and arrested the two women today. They were produced before the court to be handed over to judicial remand.