No matter how skilled and good you are, one mistake and you are finished. The same thing happened with Ketan Parekh. Everybody is aware of Ketan Parekh and the 2001 stock market scam story, but all we know is what was told to us. Unfortunately, the actual reality of the infamous scam is far behind the rumors and allegations imposed against Ketan. Today’s write-up will unravel the hidden truth of the 2001 stock market scam so that people know the unsaid part of Ketan Parekh’s story. The popular 2001 scam shook the nation overnight and turned the stars of Ketan’s fortune forever. So, let’s understand who Ketan Parekh is and what the scam was all about.
Ketan Parekh started garnering his professional journey in the 1980s by assisting his uncles and father at their family-run business. While assisting his father in the family-run firm, he successfully cleared the toughest accountancy exam in India and became a certified CA in 1985. Ketan was always fond of numbers, and his love for numbers attracted him towards the world of trading. With his devotion and dedication, he soon mastered the art of trading and became an influential figure in the Indian Stock Market. The calculative approach, market research, analytics, and correct estimations made him the ITC Bull. Soon all the efforts and hard work of Ketan went into vain after the scam of 2001.
Ketan had high hopes for the ICE industry, and during the booming years of dot-com, he invested a huge amount of money. His correct market analytics and estimations made investors, Global and Indian banks, and lenders trust Ketan with their money. The Big Bull Ketan Parekh allegedly got a heavy sum of loans from the Madhavpura bank and couldn’t return the money in due time. Unfortunately, the bank could not recover the money it gave to its borrowers and had to close down. During the legal proceedings, the Supreme Court ordered Ketan Parekh to pay the money he owed to the bank in the form of 26 crores monthly investments.
Truth needs no colors because facts are facts. Many people know that Ketan borrowed the money and was arrested for the same. But unfortunately, no one ever tried to know the after story. The Supreme Court directed Ketan to repay every bit of money he borrowed, and Ketan worked relentlessly to adhere to the court’s orders.
He was restricted from investing in the Indian Stock Market, so his most cherished skill and knowledge were of no use to him during his hard times. But, still, Ketan worked relentlessly behind bars and paid a huge amount of money. He is still working on the corrective measures to repay the due amount. Ketan deserves a second chance because he has suffered enough for the mistakes he has made in the past.
Like other fugitives, Ketan would have escaped the country, but he never did that. Even the CBI officer Sandeep Mehra who was the investigating officer of the Ketan Parekh scam wrote in his book “The Rogue Bankers – Scam of 2001: Investigator’s Point of View” that he was framed. So it’s high time that Ketan must be appreciated and respected for the corrective measures he took to rectify the things he previously did wrong.