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How Sebi Nailed Ketan Parekh
The New Indian Express
|January 05, 2025
Scam came to light after Sebi report indicated involvement of KP in front-running stocks
KETAN PAREKH, the infamous stockbroker and key associate of scamster big-bull Hashad Mehta of the 2000-01 stock market scandal, for which he was imprisoned for years, is back to do what he is best at-manipulating the stock market.
Even as he was under the Sebi ban for 14 years from entering the market since 2003, KP, as he is known for, has been gaming the system-this time through front-running the stocks that Tiger Global holds in domestic companies, and mostly in PB Fintech.
How Sebi nailed him
Tracking the 10 fake phone numbers, including that of his wife Mamta's that he shared with the front office of Sebi during his recent visits.
The latest scam came to light on January 2 when Sebi in a 188-page interim order by whole-time member Kamlesh Varshney, banned KP and 22 others including Singapore-based trader Rohit Salgaocar from market and ordered impounding of ₹66 crore they illicitly gained from the scam. KP didn't do any trade this time too but got his Kolkata-based associates to do the job for him. KP used to instruct the front-runners using different mobile phones registered under different names and was known as 'Jack', 'John', 'Boss', 'Bhai' among other names.
This story is from the January 05, 2025 edition of The New Indian Express.
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