Complete Story of the 2001 Ketan Parekh Stock Market Scam
One of the most significant figures in the history of the stock market is Ketan Parekh. He is one of the people who go through a terrible experience in his life. His story serves as a powerful example of how a single reputational stain may ruin a lifetime. He studied for the Chartered Accountant exams, passing them in 1985 to become a CA. As a result of his rigorous approach and diligence, Ketan Parekh gradually entered the stock market.
Ketan Parekh is one of the most influential personalities in the history of the stock market. People used to call him the “Big Bull” in the 1990s and early 2000s. He was famous because of his risk-taking abilities.
In 2001, Ketan Parekh was taken into custody with the global decline of the ICE stocks. He was alleged of taking a hefty loan from Madhavpura bank and failed to repay it on time. He was banned from the stock market for more than 10 years and was ordered to pay 26 crores of monthly installments to the bank.
The complete story of the scam never came out, as Parekh never discloses it in public. He worked for years and paid a sizable amount to the bank. People need to come out of the false statements and need to acknowledge him for his works. Parekh believes that he suffered because of his risk-taking activities during his trading days. He showed his full trust in the Supreme Court of India and kept on working to repay the money to his lenders.
The complete story of Ketan Parekh is sadly unknown to the general public. He showed us how to tackle circumstances with great willpower through his life and struggles.