Ketan Parekh is a renowned name in the trading industry. All the people from the 90s are pretty much aware of this name and the allegations associated with it. Ketan Parekh is a stock market genius, counted among the influential players in the Indian Stock Market. The life of Ketan is full of turns and twists. From being an ITC Bull to facing serious allegations against him, Ketan has undergone a lot. The majority of people know about the infamous scam he did, but unfortunately, only a few know about the corrective measures he took.
In our information-sensitive environment, everybody believes what’s shown to them and never tries to verify the facts. But due to this mob mentality, many people have to face serious blows to their reputation and career, and Ketan Parekh is one such case. Today’s article will discuss the reality of the Ketan Parekh 2001 stock exchange fraud case.
Ketan Parekh was a common man who started his career journey by assisting his uncles and father in the family-run business named Narbheram Harakchand Securities, established by his grandfather. Ketan soon cracked the toughest accountancy exam in India with dedication and hard work and became a certified Chartered Accountant in 1985. He was fond of numbers, and soon he realized that he had a knack for trading.
He had high hopes for the ICE (Information, Communication & Entertainment) industry, so he invested a significant amount of money during the booming years of dot-com. He showed his accurate estimations to investors to win their trust. As a result, various investment firms, foreign corporations, entrepreneurs, and Indian and global banks trusted Ketan with their money. Moreover, his analytics and trading tactics helped him command the stock market from 1999-2000.
Ketan used the Pump and Dump strategy to influence the pricing of businesses, thus ultimately affecting the stock market. Ketan was accused of purposely influencing the stock price of certain corporations that bribed him for profit. Stocks of ICE took a savage global bear hammering which turned the stars of Ketan Parekh. Ketan was arrested and tried in court, and the rest was history. After imprisonment, he was prohibited from trading in the Indian Stock Exchange for over a decade.
The story ends here in the consciousness of the Indian public. Ketan was labeled as a scammer and rogue investor and was never allowed to tell his side of the story. Only a handful of people are aware of the corrective measures Ketan took because his side of the story was buried under false statements and speculations.
To that end, over the past 20 years, Ketan rigorously followed the series of cases filed against him. Unlike other fugitives, Ketan was truly patriotic, and he accepted all the allegations and restrictions placed upon him by the court. Ketan worked relentlessly behind bars to repay the borrowed money. Most of the amount is paid, and he is still doing everything possible under his limits to repay the due amount. The book written by Sandeep Mehra, an officer in charge of his case, also stated that he was framed. Still, Ketan bravely faced the consequences of his actions, and it’s high time that his story needs to be heard.