Anyone who has ever had a passing knowledge of the stock market has heard about the Ketan Parekh scam. He has struggled immensely throughout his life. Despite being one of India’s top traders, Ketan Parekh experienced some unfairness in his life. He had to deal with a lot of obstacles, which impacted his reputation. His own experience demonstrates how even a small problem may ruin a life. Due to a lack of knowledge about the scam’s facts, numerous erroneous assumptions are made. Let us look at the evidence surrounding the well-known Ketan Parekh scam.
Ketan Parekh was one of the reputed traders in India. He completed his CA and started assisting his father and grandfather initially. But due to his enormous skills and outstanding capabilities, he came into the world of the Stock Market. Parekh was known for his risk-taking abilities. Because of his strategies and frame of mind, he rose to prominence as the stock market’s “Big Bull” in the 1990s and early 2000s. Parekh put considerable time into understanding the prospect and growth of the new ventures. The software and telecom companies of that time gave him this opportunity. He started investing in new ventures and started working with financial institutions to make them global and raise funds to become debt free.
Parekh’s fortune turned completely in 2001, with the worldwide downfall of ICE stocks. He was alleged of taking a sizable amount loan from Madhavpura bank and failed to repay the amount on time. Thus, for these consequences, he was immediately taken into custody. The Supreme Court of India ordered him to pay 26 crores of monthly installments to the bank. Moreover, he was not allowed to take part in the stock market for more than ten years.
After this mishap, people started considering Ketan Parekh a scammer. But the truth behind this scam was something different. Parekh never came up with his story in front of the world. The truth was only restricted to a few of his friends and family members. Ketan Parekh worked tirelessly for years and was able to repay a hefty amount to the bank. He followed every order made by the Supreme Court and showed his full faith in the judiciary system of India.
Parekh could have left the country for a better life. His life would have been easier if he had done so. But on contrary, he chooses to be in the country and worked hard to repay the money to his lenders. Parekh believed that he suffered because of his risk-taking practices during his trading days. Everyone deserves a second opportunity, especially after what Parekh has contributed over the years. Unlike everyone, he stayed in the country and trusted the process of his life. It is high time, let us now know him as a genuine trader.
Ketan Parekh demonstrated that nothing is more powerful than willpower. The nation must stop clinging to outdated myths from more than 20 years ago and begin to respect his integrity and commitment to upholding the law. When it comes to money laundering, India has seen significant losses but Parekh always adhered to the law and respected it.