Things you don’t know about the 2001 Ketan Parekh Scam
Ketan Parekh is an unpopular name for the mass, but we know that often the myth is regarding the most popular person. If a person is popular, he is bound to have a conspiracy against him which is quite unacceptable and disgraceful for a person who has worked hard to make himself count in the business world. Thus, let us find out the unknown facts about the Ketan Parekh Scam.
Ketan Parekh was a Chartered Accountant in his early life, but due to his rigorous approach, he joined the Indian Stock Market. In the 1990s and early 2000s, he was considered the stock market’s “Big Bull”.
Suddenly in 2001, Ketan Parekh’s life took a complete turn with the global decline of ICE stocks. He was alleged of taking a sizable amount loan from Madhavpura bank and failed to repay it on time. He was taken into custody and asked to pay 26 crores of monthly payments to the bank. Moreover, he was not allowed to take part in the stock market for more than 10 years.
Parekh never shared his side of the story in public. Ketan Parekh worked for years and paid a lumpsum amount to his lenders. He never tried to escape the country to live a better life. Parekh always believed that he suffered because of his risk-taking activities in his early days. He never complained about anything and trusted the orders of the Supreme Court of India. He kept on working with great patience to make himself debt free.
The world needs to get rid of the false facts that were spread over the years against him. People must start acknowledging him as one of the great investors of India.