Mumbai broker held

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. The police are unravelling Parekh’s wide network.