Hyderabad: The ongoing investigation into the Karvy fraud took an interesting turn on Saturday with the police calling senior company official M. Yugandhar Rao for questioning in a fresh case filed by ICICI Bank against the group.
The police has already arrested C. Parthasarathy, Karvy chairman and managing director, in another case. Sources said that ICICI Bank had furnished credible information with regard to the involvement of both the accused, Parthasarathy and Yugandhar Rao
Rao, one of the co-founders of Karvy, played a crucial role in the financial administration of the group and police were of the view that he had knowledge of the alleged fraud. In many cases filed against the company including the one by the Bengaluru police last year, Yugandhar Rao figured as one of accused along with Parthasarathy. He was once very powerful thanks to his proximity with a former chief minister.
Parthasarathy is under the custody of the Central Crime Station (CCS) police of Hyderabad, who are investigating another alleged Rs 137 crore loan fraud related to IndusInd Bank.
