Mumbai broker held

Mumbai broker held

Headline: Mumbai broker heldSource: EuromoneyDate: May 2001Author: Kala Rao Ketan Parekh India’s stock markets are reeling from the effects of the crisis in March. The arrest of Ketan Parekh, an influential Mumbai broker, and top officials of a co-operative bank, on charges of defrauding a state bank, confirmed fears that money […]

Headline: Mumbai broker held
Source: Euromoney
Date: May 2001
Author: Kala Rao







Ketan Parekh

India’s stock markets are reeling from the effects of the crisis in March. The arrest of Ketan Parekh, an influential Mumbai broker, and top officials of a co-operative bank, on charges of defrauding a state bank, confirmed fears that money from banks was used to finance excesses on the stock market.

Bank of India was defrauded of Rs1.37 billion ($29.2 million) and total bank losses are estimated at about Rs10 billion.

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Mumbai broker held

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