As per report Bengaluru police have booked several senior officials from the Karvy group, a private wealth management company. Meanwhile among those booked are Karvy Private Wealth CEO Abhijit Bhave along with directors of Karvy Stock Brokers, Karvy Realty india Pvt Ltd and Karvy Capitals. Furthermore the officials are accused of cheating investors by promising returns of up to 18-20%.
Reportedly the police took action after nine investors who had allegedly been cheated of Rs 3.81 crore approached Basavanagudi police station with a complaint. Furthermore the complainants, which include Ketki Shah Talati and her husband Mayank Harshad Talati claimed that they invested Rs. 1.76 crore in 2015 after being promised returns by Srinivas, a relationship manager with Karvy Private Wealth.
Police officials said "The complainants alleged that Karvy had not arranged a direct interaction with builders with whom they had invested their money and requested legal action against the head and directors of the group”. Moreover the complainants alleged that they stopped receiving returns at different points around 2017. According to them, the company cited reasons like demonetization and GST for the delay in returns.
