Ketan Parekh is a name known to all; some know him for being a businessman, CA, and ITC Bull, meanwhile others know him for the scam he was framed in. With a humble beginning from his grandfather’s firm, Narbheram Harakchand Securities, to becoming an ITC Bull and then being trapped in a big scam, Ketan undoubtedly had a roller coaster journey. The entire world of Ketan turned upside down due to the infamous Ketan Parekh Scam in 2001.
People know Ketan Parekh for the 2001 stock market scam, but no one ever tried to know the reality that was unheard of between the noises of allegations made against him. Unfortunately, people never tried to know the efforts Ketan made to make things right, but it’s high time that the unheard story of Ketan Parekh must be heard. Today’s article will discuss the unrevealed facts of the 2001 Ketan Parekh case.
Ketan cleared the complex CA exam in 1985 while assisting his father and uncle in the family-run business. He was always fond of numbers and soon discovered that he had a knack for the trading field. Soon he mastered the art of trading and became the ITC Bull of the Indian Stock Market. His analysis and estimations were so correct that Ketan became one of the most influential figures in the Indian Stock Market at that time.
Being a firm believer in the ICE industry, Ketan was keenly interested in investing during the booming years of dot-com. He allegedly took a hefty loan from Madhavpura bank and wasn’t able to return the money in the promised time. Bank was not able to deal with delayed payments and was closed down. The savage global bear hammering of ICE stocks made Ketan bankrupt. Ketan was arrested, and the rest is history. During the trial, the Supreme Court ordered Ketan Parekh to pay every penny he owed to the bank in the form of monthly installments of 26 crores. Well, this was the recognized part of the story, and for many people, the story ended here. What happened afterward is known only to a few.
Being a law-abiding citizen and admirer of the Indian Judicial System, Ketan returned a whopping amount and also fulfilled his obligations as set by the Supreme Court. This remained a lesser-known fact as nobody was interested in knowing the after story of the high-profile case of the Ketan Parekh scam. Ketan respected the court’s restrictions on him from investing in the Indian Stock Market. He was arrested for borrowing a huge amount of money; if he wanted, he would have run to a foreign country as it’s easy to elope with a huge amount of money. But he chose to bravely fight all the allegations against him and admitted the restrictions as his fate.
For years Ketan worked relentlessly to return the money, and he’s still working exceptionally hard on the corrective measures. It’s disheartening how people know the partial truth and still have a false opinion about him. Everyone deserves a second chance, and the truth needs to be heard so that people know the actual truth of the 2001 scam. People should know about the truthful and law-abiding nature of Ketan.