Stock broker Ketan Parekh sentenced for 2 years

The case relates to cheating committed by Parekh in alleged criminal conspiracy with the then Senior Manager of NRI Cell and Incharge of Safe Custody Department, Bank of Baroda, Mumbai and others.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney SME Special
moneycontrol.com

Home » News » Current Affairs

Mar 04, 2014, 11.40 AM | Source: PTI

Stock broker Ketan Parekh sentenced for 2 years

The case relates to cheating committed by Parekh in alleged criminal conspiracy with the then Senior Manager of NRI Cell and Incharge of Safe Custody Department, Bank of Baroda, Mumbai and others.

Like this story, share it with millions of investors on M3

Stock broker Ketan Parekh sentenced for 2 years

The case relates to cheating committed by Parekh in alleged criminal conspiracy with the then Senior Manager of NRI Cell and Incharge of Safe Custody Department, Bank of Baroda, Mumbai and others.

Post Your Comments

Share Cancel

Ketan Parekh, an accused in several cases of stock market manipulation, has been convicted by a special CBI court in Mumbai for cheating and sentenced to two years rigorous imprisonment.

"The Special Judge for CBI cases, Mumbai has convicted Ketan Manharlal Parekh, share broker and sentenced him to undergo two years rigorous imprisonment with total fine of Rs 50,000," a CBI spokesperson said in New Delhi.

Also Read: Global giant KKR red-flags bribery, fraud risks in India

The court, however, acquitted a bank manager and other public officials in the case.

The case relates to cheating committed by Parekh in alleged criminal conspiracy with the then Senior Manager of NRI Cell and Incharge of Safe Custody Department, Bank of Baroda , Mumbai and others.

"It was alleged that the accused had abused their official position while functioning as such during 1989-1991 and conspired with Parekh," CBI said.

The spokesperson said CBI had charged the accused with cheating Bank of Baroda, Sir P.M. Road Branch, Mumbai by obtaining the duplicate debentures in lieu of originals and by pledging the original debentures of a leading private company in the name of two NRIs which were purportedly lost from Safe Custody Department, Bank of Baroda, Mumbai Main office.

Loans facilities were then availed in the name of four associate firms of Parekh from Bank of Baroda, thereby causing loss to Bank of Baroda, the spokesperson said.

CBI filed the charge sheet 14 years ago in the Special CBI Court for criminal conspiracy, criminal breach of trust by public servant and cheating besides provisions of Prevention of Corruption Act against the four accused persons.

The court acquitted three other accused public servants while Parekh was convicted.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Stock broker Ketan Parekh sentenced for 2 years

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login