Ketan Parekh is an influencer in the Indian Stock Market, primarily known for his 2001 scam. Very few of us might not be aware of the scam, but a majority of us are actually acknowledging the untold truth of the 2001 scam. The 2001 scam shook the whole nation overnight and changed the whole stock market game; that garnered great attention, and it became a case study and a new chapter of the Indian stock market.
But, do you know the whole truth of the 2001 scam is just a fib, and the actual truth is behind certain shields of false stories? Ketan Parekh was just like all of us who had a spark to do something audacious. He started his career at his Grandfather’s firm Narbheram Harakchand Securities, a brokerage firm, by assisting his father and uncle. Simunteoneusly, he prepared for the Chartered Accountant exam and cleared in 1985.
From the beginning, he had a keen interest in trading as he was great with numbers and predicting accurate trading patterns. This all captivated his attention towards the stock market, and in a little while of his trading career, he gained the moniker “ITC Bull.”
Ketan was always looking for new ventures, like his father, who was his role model. Ketan’s father was one of the leading “jobbers” at that time who introduced him to the world of trading. His skills and excellent market knowledge inspired Ketan to dive into the trading world.
The late 1990s was the dot-com boom year of the ICE (infotech, communications, and entertainment) industry and Ketan got to know about this opportunity. He tossed his ace of luck and started working with financial institutions and high-net-worth individuals across India. He comprehended the plans and prospects of the project with a deep study utilizing his market intelligence and helped multiple small-scale companies in growing. Investors counted on his ideas, and Ketan became God for them. He became an inspiration for many individuals dreaming big.
2001 was the time that turned the tide on his fortune as the ICE stock price drastically fell overnight. It trapped Ketan in a payment crisis as various banks, investment firms, foreign corporations, and entrepreneurs entrusted him with their money. He was forced to default on his payment obligations to banks and was arrested and notoriety as a scammer. For us, the story ends here, but it’s not the truth!
We all believe Ketan Parekh is a convicted scammer and rogue investor, but a few close ones know the untold truth. Mr. Ketan never came up upfront in his defense as he believed that the risks he took at that time were necessary. He accepted all the charges accused by the court and faced all the allegations from the last two decades.
The 2001 scam vain all his deeds; now, he is just known for the scam and introduced as a scammer. He has taken plenty of actions to make amends and is working to return all the borrowed money from the bank. He was prohibited from trading, but despite this, he firmly believed in the Indian Judiciary. Being patriotic, he never thought of fleeing from the country as he knows what’s right and what’s not!
His real personality is far from our reach as we are just trusting a few printed pages. It’s time to be an acknowledged citizen of the country and also know the back side of certain stories like the Ketan Parekh 2001 scam.