A fresh fraud case involving ₹2.17 crore has surfaced against notorious stockbroker Ketan Parekh. An FIR was filed by an investor from Andheri, Mumbai, accusing Parekh and a 37-year-old woman of cheating him. Ketan Parekh, who was previously convicted in the infamous 2001 stock market scam, has once again landed in legal trouble.
FIR Details: Charges Against Ketan Parekh
The FIR, lodged at the Versova Police Station, was filed under various sections of the Indian Penal Code (IPC), including Section 406 (criminal breach of trust), Section 420 (cheating), and Section 34 (acts done by several persons in furtherance of common intention). However, no arrests have been made so far in the case.
The complainant, a 47-year-old man residing in Andheri (West), filed the FIR on Saturday. According to police sources, investigations are underway, and the claims made by the complainant are being closely examined.
How It All Started: Meeting Ketan Parekh
As per the FIR, the complainant first met the woman in 2015. In December 2020, she introduced him to Ketan Parekh at a five-star hotel in Bandra, Mumbai. During the meeting, the woman informed the complainant that Parekh worked as a stock operator for companies like ‘Seacoast’, ‘Pessalo Digital’, and ‘Spacenet’.
Later, in June 2021, the woman convinced the complainant to invest in her name through Parekh, assuring him of good returns. On the same day, the complainant handed over ₹55 lakh to the woman, which she claimed to have transferred to Parekh for investment in ‘Seacoast’.
The Fraudulent Investments
After the initial investment, the complainant rented a flat in Versova in June 2021 and started living with the woman. Over the next few months, he deposited ₹71.85 lakh in her bank account, mostly after selling his family’s jewellery. However, instead of investing the money, the woman reportedly bought a Range Rover.
When questioned, she told the complainant that Parekh had given her the money for the car but couldn’t hand over such a large sum in cash. She assured him that his investment was safe with Parekh.
More Investments and Suspicion
The FIR also mentions that the complainant made additional payments of ₹49 lakh in January and June 2022, at the woman’s request. She told him that Parekh advised her to invest in the shares of ‘Pessalo Digital’.
In 2023, the complainant gave the woman ₹37 lakh in cash, which she claimed was for Parekh to invest in ‘Spacenet’. However, when the complainant started demanding his money back, neither the woman nor Parekh took the matter seriously.
The Revelation
On December 25, 2023, the complainant visited Parekh’s house, where Parekh’s wife allegedly revealed that her husband was having an affair with the woman. Later that day, Parekh asked the complainant to meet him at a hotel, where he promised to return ₹42 lakh and give him 1 lakh shares of ‘Pessalo Digital’ within a few days. Parekh also requested the complainant to convince his wife that he wasn’t involved in an affair.
Unbeknownst to Parekh, the complainant secretly recorded this conversation. This key piece of evidence has now been handed over to the authorities as part of the ongoing investigation.
Investigation Underway
As of now, the police are investigating the claims made by the complainant. Sources indicate that both Parekh and the woman’s actions are being scrutinized. No arrests have been made yet, and the investigation is expected to bring more details to light in the coming days.
