What is the truth of the Ketan Parekh Scam?
The truth is not always as clear as it may appear to be in the picture. There is a significant tendency of compromising the picture of the prominent personalities in the market. Such an example is the Ketan Parekh Scam. He was undoubtedly framed for ruining his reputation and market position. When the rivals could make the mass believe the scam, they won the entire battle of curbing the reputation of this eminent personality.
The Truth of the Scam
Ketan Parekh was famous for taking risks in the stock market. Parekh with his prominent strategies and risk-taking abilities became the “Big Bull” in the 1990s and early 2000s. Unfortunately, his fortune takes a full turn in 2001, as ICE stocks broke globally. Ketan Parekh was then accused of borrowing sizeable money from Madhavpura bank and failing to repay it on time. As a result, Parekh was taken into custody and asked to pay 26 crores per month to the bank by the Supreme court of India.
There is hardly anyone who has not known about this scam. But the truth behind this scam was not known to many. Only a few family members and friends of Parekh knew about the real side of the incident. Ketan Parekh stayed in the country unlike others and accepted every order made by the Supreme Court. He worked silently for years and repaid a whopping amount to the bank. Parekh never publicly shared his entire truth with everyone. He believed that he suffered because of the risks he has taken during his trading days.
India has seen worse when it comes to money laundering. Ketan Parekh trusted his destiny and kept on working for years to repay all his loans. Everybody deserves a second chance, especially what he has done for years to divulge the truth. People need to go past the accusations and learn the facts surrounding the occurrence.