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Karvy Stock Broking faces additional $14 million asset seizure under India's money laundering probe

( August 1, 2022, 03:59 GMT | Official Statement) -- MLex Summary: Additional assets valued at 1.1 billion rupee ($14 million) relating to the ongoing money laundering probe against Indian company Karvy Stock Broking, its chairman Comandur Parthasarathy, and others were announced by the country’s Directorate of Enforcement on Saturday. According to a statement, the total amount seized from Karvy now stands at 20.95 billion rupee. The money laundering investigation was initiated following complaints from lending banks that the Karvy Group had illegally used clients’ shares valued at 28 billion rupee to obtain loans which have now become non-performing assets. Press statement from Directorate of Enforcement follows:...

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