Bengaluru police book top officials of Karvy group

NEW DELHI: Bengaluru police have booked some top officials of Karvy group, including Chief Executive Officer Abhijit Bhave of Karvy Private Wealth, for criminal breach of trust and cheating, media reports suggested on Monday.

Among those booked include directors of Karvy Stock Brokers, Karvy Realty India and Karvy Capitals, who allegedly cheated investors by promising 18-20 per cent returns, Deccan Herald reported

As of now, nine investors, who have been cheated of Rs 3.81 crore, have filed a complaint at Basavanagudi police station. The complainants alleged that Karvy relationship managers called them repeatedly and even visited their residences, the report said.


The complainants claimed there were hundreds of such victims in Bangalore, Hyderabad, Mumbai, Delhi and other places.

Karvy later clarified in a press release that it has not misled or cheated any investor, adding that owing to unfavourable market conditions, various sectors, especially real estate has been going through a very bad phase.

The complainants had invested in high yield and thereby high risk asset-backed investments, Karvy added.

"Karvy, in the capacity as a facility Agent, has been making incessant efforts to recover the money from these entities and has been taking various steps to safeguard the interests of the investors and as part of such initiatives," the company said in the press release.