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Ketan Parekh Scam

Ketan Parekh Scam

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Published by: pushpa224 on Aug 09, 2010
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03/12/2013

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KETAN PAREKH SCAM
One Mans Army Scam
 
Summary of the case
The 176-point sensexcrash on March1,2001 came as amajor shock for the Govt, the stock markets and theinvestors alike.
The stock market was highly volatile.
The scam shook the investors confidence regarding theshare markets.
Arrest of BOMBAY BULL on March30,2001 was followedby another sensexfall by 147 pts.
He was charged with defrauding BOI of about $30 million.
PNB and SBI were also at the receiving ends.
MadhavapuraMercantile Cooperation Bank was alsohighlighted.
 
The Pathway.
Being a low-profile person , KP didnt have enough moneyto invest.
He bought shares at low prices and trade themcontinuously till their prices go up then used to pledge theshares with banks as collateral for funds.
MMCB helped KP and his firms to its fullest extent.
KP used his BOI accounts to discount 248 pay orders worthabout Rs. 24 bnbetween Jan and March,2001.
KPs modus operandi for raising funds worked well as longas share prices soared up but it reversed when the marketsstarted crashing in March,2000.
The CSE payment crisis was one of the biggest setbacks for

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