It has managed to evade the media spotlight so far though its role as custodian makes it complicit.
T. Ravi Kumar still can’t get over the shock of that day, back in August 2020, when he checked his demat account with Anugrah Stock and Broking. The shares in his account had vanished. The Hyderabad resident then tried reaching out to Paresh Kariya, founder and director of the firm, but got no response.
Finally, on 9 February this year, after trying and failing to get answers from various agencies, he proceeded to file an FIR with the Hyderabad Police, claiming to have been cheated of Rs 1.87 crore. The police have now launched an investigation in the matter.
Kumar …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Editor, Banking
furquan@mailtmc.com
Delhi