Even when some stories about influential people do not even have a tiny bit of fire in them, they still demolish the kingdoms those people have created for themselves. Information can sometimes be changed by some strong groups to suit their needs. The Ketan Parekh scam is not new to the market, but no one ever sought to find out whether it was a scam. The truth is frequently ignored as rumours take centre stage. Knowing the history of the con and getting to know him better is crucial. A person should never be judged based on stories that have ruined their reputation over the years. Let us find out the real Ketan Parekh scam story.
In the 1990s and 2000s, Ketan Parekh was one of the renowned traders in India. He was considered the “Big Bull” of the stock market at that time. He was a Chartered Accountant and started his journey by assisting his grandfather and father in their family business. But gradually Parekh came into the stock market because of his meticulous approach and hardworking nature. He was known for his risk-taking skills. Parekh keenly studied the prospect and ideas of new businesses and started investing in them. The telecom and software industries of that time were the industries in which Parekh invested. He even started working with financial institutions and high-net-worth individuals across India to make them global and raise funds to become debt free.
In 2001, Ketan Parekh’s life took a complete turn with the global decline of ICE stocks. He was taken into custody immediately as he was alleged of taking a lump sum amount of loan from Madhavpura Bank and failed to repay it on time. The Supreme Court of India ordered him to pay 26 crores of monthly instalments to the bank consequently. Additionally, he was not allowed to take part in the stock market for more than ten years.
Ketan Parekh was then considered a threat in the world. People judged him based on rumours that were spread in the market. Nobody has ever tried to know the real facts behind this adversity. Ketan Parekh never came up with his side of the story. Only a few of his friends and family members knew about the real story. Parekh worked for years and was able to return a sizeable amount to the bank. He kept his patience and worked restlessly for years.
Unlike everyone, Ketan Parekh stayed in the country and trusted the judicial system of India. He could have easily left the country and settled anywhere else for a peaceful life but on contrary, to that, he stayed in the country. Parekh believes that he suffered because of the risks he has taken over the years. He not only returned all the borrowed money but also followed all the Judicial orders. He faced all the orders bravely and attended all the cases filed against him with great patience.
Ketan Parekh was unquestionably a respectable trader during that time. In his lifespan, he faced several challenges. People must stop believing the lies that have been spread about him for 20 years and begin to recognise him as a reputable investor.