There is a popular proverb in English that says “No knowledge is better than little knowledge”. If you know a part of something, people tend to make up on their own for the remaining half. So, it is better to know about the entire story to judge the matter.
The Ketan Parekh scam is not unknown in the market but nobody tried to enquire about the truth of the scam. The truth is often slipped under the carpet while the gossip overpowers. So, it is important to know the background behind the scam and know him better. It is never justified to judge a person on the rumors that have destroyed a person’s years of reputation. Let us find out the lesser-known facts about the Ketan Parekh scam.
In the 1900s and early 2000s, Ketan Parekh was undeniably one of the renowned traders in India. Parekh considered his father as his role model, who brought him to the stock market. Ketan Parekh was one of the individuals who with time started investing in new ventures irrespective of his father. He was famous for his high-risk-taking abilities. The software and telecom companies of that time gave that opportunity to him. Parekh keenly understands the growth of the companies and their business prospects. Then, he started working with financial institutions across India to make these companies global and help them raise funds to become debt free.
Suddenly, in 2001 Parekh’s fortune turned the other way with the worldwide decline of the ICE stocks. He was alleged of borrowing a sizeable amount of money from Madhavpura Bank and failed to repay the amount in time. Thus, in consequence, he was taken under custody and ordered to pay 26 crores in monthly installments to the bank. Moreover, he was not allowed to take part in the Indian Stock market for more than 10 years.
Ketan Parekh was declared a threat in front of the world. His reputation was completely drained. But the truth behind the scam was only known to very few friends and family members as Parekh never came up with the actual side of the story. Ketan Parekh worked tirelessly for years to repay most of the amount. Unlike others, he stayed in the country and trusted the judiciary system of India. Parekh’s life would be easier if he had left the country. But contrary to that, he accepted every order of the Supreme Court of India and paid his lenders a significant amount of money.
India has seen worse in terms of money laundering. Ketan Parekh believes that he suffered because of his risk-taking nature during his trading days. People need to get rid of the allegations made over 20 years back. Everybody deserves a second chance; especially what Parekh has done over the years. India must acknowledge the truthfulness and law-abiding nature of his. This is high time, let us know him as a genuine trader and a warrior.
To analyze a person better there are several points to consider which enable us with the true picture of a story. Let us be neutral while understanding people which can help them serve the society for better. Parekh was one of a kind person, who always thrived for some betterment in life.