SC grants bail to stock broker Ketan Parekh in Canfina case

KETAN PAREKH: The long running investigation has not been able to nail anyone clearly

J & K | Chhattisgarh | Delhi | MP |
Mizoram | Rajasthan

Featured Blog

Rajdeep Sardesai

26/11: Terror comes precariously close

Featured Slideshows

New Delhi: Contoversial stock broker Ketan Parekh has been granted bail by the Supreme Court in 1992 Canfina scam case.

The Bombay high court had sentenced Ketan Parekh and associate Hiten Dalal to a one-year jail term for siphoning Rs 47 crore from Canara Bank Financial Services (CANFINA). Parekh was thereafter out on bail.

The canfina case as it was known, was one of Parekh 's earliest known scams, discovered about the same time as the infamous Harshad Mehta share market scam.

Ketan Parekh is also accused in other fraud cases.

In August, the Supreme Court has directed the Ahmedabad based Madhavpura Mercantile Co-operative Bank (MMCB) to approach the trial court to cancel Parekh’s bail.

The SC issued the warrant after Parekh repeatedly defaulted in repaying the 888 crore rupees he owes the Madhavpura Mercantile Co-operative bank.

Parekh has so far paid up Rupees 396 crore, and is yet to pay the remaining Rupees 492 crore. The chairman of the bank at that time Ramesh Parikh was allegedly involved in the multi-crore scam involving Ketan Parekh.

RBI had instituted an inquiry and had appointed an administrator to carry out investigations.