Mumbai: Infamous stock broker Ketan Parekh is once again embroiled in controversy as a fresh duping case of Rs 2,17 crore has been reported against him. According to the news daily, ‘Indian Express’ the Mumbai Police had on Saturday booked Parekh and a 37-year-old woman (accomplice) for allegedly duping an Andheri-based share market investor. This is not the first time that such cases have been reported against the offender who has a series of fraud cases against his name.
Who Is Ketan Parekh?
Ketan Parekh is a notorious stockbroker who was earlier convicted in 2008 by capital market regulator Securities and Exchange Board of India (Sebi) for involvement in India’s stock market scam from 1998 to 2001.
The market watchdog had found in its investigations that Parekh had artificially rigged prices of shares of certain companies. He used to borrow from banks and used the money to rig share prices of certain companies. The stocks whose prices were artificially inflated by him later came to be known as the K-10 stocks.
His malpractices infamously earned him names like notorious stock broker and the ‘Bombay Bull’ among others.
Fresh Case Against Ketan Parekh
Coming back to the fresh police case filed against him, the Andheri-based complainant has accused Parekh and his accomplice of duping him under the pretext of investing on his behalf. Both the accused gained his trust and took money from him in different installments to invest in stock market for him. The whole fiasco started back in 2020 when the complainant had met the accused in Mumbai. For the next four years he repeatedly gave them his money to the tune of Rs 2.17 Crore for investment. When he asked for profits and accountability both the accused became elusive. Tired of harassment, he finally filed the FIR with the Mumbai police. The authorities are investigating the matter.
Also Read: Gold Rate Falls On Strong US GDP Data, Profit Booking; Check Prices In Your City!