Truth of Ketan Parekh and the 2001 Stock Market Scam
The world is not what it seems on all times. We are kept in the dark about a lot of things due to the influence and deception of a few very strong groups that change important facts to fit their agendas. Ketan Parekh is among the people whose account was falsified. He is one of those unfortunate souls who must deal with such a dreadful thing in life. His life is a great example of how a single reputational stain can ruin a lifetime. Many people may not know the real details of the 2001 scam. Let us examine the Ketan Parekh stock market fraud of 2001 to find out the truth.
The Truth of Ketan Parekh and the 2001 Stock Market Scam
Ketan Parekh was introduced to the stock market by his father. In his early days, he followed the path of his father and grandfather and helped them in their family business. Parekh because of his skills and rigorous approach entered the stock market. Gradually, he became one of the leading traders in the Indian stock market. In the 1990s and 2000s, Parekh was called the “Big Bull” of the stock exchange. He started studying the prospects and growth of new companies. The software and telecom companies of that time gave him this chance. Parekh started working with these companies and other financial institutions to make them global and help them raise funds to become debt free.
In 2001, with the worldwide decline of ICE stocks, Parekh’s life turned completely. He was alleged of taking a sizeable amount loan from Madhavpura bank and failed to repay it on time. Thus, in immediate consequence, he was taken under custody. The Supreme Court of India ordered him to pay 26 crores of monthly instalments to the bank. Parekh was also restricted to take part in Indian Stock Market for more than ten years.
The world started knowing Parekh as a dishonest trader after this so-called scam. But there are very few people who knew the truth about the 2001 scam. Parekh never came up with his side of the story in front of the world. He kept his patience and worked tirelessly for years. He was able to pay back a lump sum amount to the bank. Ketan Parekh stayed in the country and believes that he suffered because of the habit of his risk-taking works in his trading days. He showed his full faith in the judiciary system and kept on fighting for his reputation. He would have left the country and lived peacefully anywhere else. But he chooses to stay in the country and paid a sizeable amount of money to his lenders.
People came up with their rumours and speculations as Parekh never shared his side of the story. The world needs to come out of these false facts and start acknowledging him as an honest trader. India suffered a lot when we talk about money laundering. It is high time; Parekh deserves a chance to let people know the actual truth of the 2001 scam.
Ketan Parekh followed all orders directed at him. He showed us that to analyse a person, we must consider several factors that give us the full image of the situation.