New Delhi: The Supreme Court has given the go ahead for the arrest of controversial stockbroker, Ketan Parekh for non-payment of bank dues.
The SC issued the warrant after Parekh's repeated default in repaying the Rs 888 crore he owes the Madhavpura Mercantile Co-operative bank.
Parekh has so far paid Rs 396 crore and is to pay the remaining Rs 492 crore rupees.
The bank flouted norms in lending the stock broker money in 1998. The chairman of the bank at that time, Ramesh Parikh, was allegedly involved in the multi-crore scam too.
On May 17 (2007), the High Court had ordered that in case of any further default in payment by Parekh, his bail application would get cancelled and an arrest warrant would be issued to him. Thus on failing to make the payment this time, the Supreme Court has now given the sermon of Parekh's arrest warrant.
On March 30, 2001, the Central Bureau of Investigation (CBI) had arrested Ketan Parekh in connection with a Rs 1.37 billion loss to Bank of India, on account of the default of a tiny Ahmedabad-based co-operative bank.
In earlier instances too, the CBI had previously filed three charge sheets against stock broker Ketan Parekh and six others including former top executives of Global Trust Bank, for allegedly entering into a criminal conspiracy and swindling public money to the tune of Rs 250 crore.
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