FIR against Ketan Parekh, woman in Rs 2-crore cheating case

According to the FIR, the complainant, a 47-year-old share market capitalist surviving successful Andheri (West), archetypal met the pistillate successful 2015. In December 2020, she reportedly introduced him to Parekh astatine a five-star edifice successful Bandra. She told him that Parekh was the banal relation for ‘Seacoast’, ‘Pessalo Digital’ and ‘Spacenet’ companies, says the FIR.

In June 2021, the pistillate allegedly asked the complainant to put successful the stock market successful her name, done Parekh, and assured him of a “good profit”. The complainant gave `55 lakh to her connected June 20, 2021, for investing successful ‘Seacoast’ company, according to the FIR. The aforesaid day, she reportedly told him that she had fixed the wealth to Parekh.

According to the FIR, the complainant rented a level successful Versova that month, and helium and the pistillate began surviving there. He claimed to person deposited `71.85 lakh successful her slope relationship successful 2021, for which helium reportedly sold his family’s jewellery.

Later, the complainant allegedly recovered that the pistillate had purchased a Range Rover with his money. When helium confronted her, she reportedly told him that Parekh wanted to acquisition her a car for her birthday, but asked her to usage the complainant’s wealth arsenic helium could not springiness a large magnitude successful cash. She reportedly assured the complainant that his wealth was safely deposited with Parekh.

Following this incident, the complainant reportedly recovered that Parekh and the pistillate were “close friends”, according to the FIR.

In January and June 2022, helium allegedly deposited different `49 lakh successful the woman’s relationship aft she told him that Parekh had recommended acquisition of much shares of ‘Pessalo Digital’ for a immense profit.

And successful May, July and September of 2023, helium allegedly gave her `37 lakh successful currency aft she told him that Parekh recommended investing successful the shares of ‘Spacenet’, according to the FIR.

The FIR states that erstwhile the complainant aboriginal asked the pistillate and Parekh astir his money, they ignored him. So, connected December 25, 2023, helium reportedly went to Parekh’s location and told his (Parekh’s) woman that helium was having an matter with the accused woman.

The aforesaid day, Parekh reportedly asked the complainant to conscionable him astatine a hotel, wherever helium allegedly assured him that helium would instrumentality `42 lakh, and springiness him 1 lakh shares of ‘Pessalo Digital’ successful a fewer days. In return, Parekh requested the complainant to archer his woman that helium was not having an affair. The complainant secretly recorded this conversation, according to the FIR.

The complainant past reportedly went to Parekh’s location again and told his woman that it was a misunderstanding, and helium (Parekh) was not having an affair.

But Parekh and the accused pistillate did not instrumentality his money, according to the FIR. A cheque fixed by the pistillate to the complainant arsenic information was besides dishonoured by the bank, constabulary sources said.

The complainant alleged that Parekh past encouraged the accused pistillate to record a mendacious rape lawsuit against him. On April 13, 2024, she filed a rape lawsuit against the complainant astatine the Versova constabulary station. But the complainant informed the tribunal that it was a mendacious lawsuit and secured anticipatory bail, a constabulary serviceman said.

The complainant past approached the Versova constabulary and filed a cheating case. The constabulary person registered the FIR and are checking the veracity of the allegations made by the complainant against Parekh and the woman, said different officer.

Saying that Parekh has a past of committing banal marketplace manipulation, the complainant’s advocates, Taukeer Siddiqui and Bavita Shukla, said they person grounds including purported audio clips successful which Parekh reportedly admits that helium has the wealth and volition instrumentality it soon. The grounds has been submitted to the investigators, they said.

Earlier, Parekh was named successful implicit 2 twelve cases nether the Securities and Exchange Board of India (SEBI) Act for banal speech violations, including trading violations and non-payment of penalty. SEBI banned him from the marketplace for 14 years successful 2003. A Special CBI tribunal besides convicted him and sentenced him to 2 years imprisonment successful 2014.

A chartered accountant by profession, Parekh became hyperactive successful the banal markets betwixt 1999-2001, rigging up the shares of information, connection and amusement (ICE) companies utilizing circular trading, Gujarat-based Madhavpura Mercantile Cooperative Bank, and the Kolkata banal exchange.

Parekh, who was mentored by Harshad Mehta, the kingpin of the 1991 banal marketplace scam, led the bull rally successful 1999-2000 which coincided with the planetary dotcom roar and bust. Other investors and traders followed Parekh’s moves successful rigging up 10 ICE companies, which were past known arsenic K-10 stocks. Promoters of immoderate companies adjacent funded Parekh to boost their shares.

The scam was unravelled successful the aftermath of a outgo situation astatine the Kolkata banal exchange. Stock marketplace indices tanked and the illness was further catalysed by the bursting of the planetary dotcom bubble. The scam yet led to the illness of UTI and tightening of norms by SEBI.