SEBI Banned Infamous Scamster & Exposed ₹66 Crore Scam

Indias Market Regulator, the Security Exchange of India(SEBI), caught an infamous Fraudaster, Ketan Parekh, and banned him from involving in the SEBI Market. SEBI uncovered a scam worth Rs. 66 Crore.

SEBI Uncovered the Scam

The agency traced 10 of his fake phone numbers to expose his front-running scam.

Reports suggest that while Parekh himself did not directly get involved, he relied on his associates in Kolkata to carry out his actions. The controversial stockbroker used various mobile phones to communicate with the front-runners, giving them instructions.

These phone numbers were registered under suspicious names like 'John', 'Bhai', 'Jack', and even 'Boss', raising doubts about their authenticity.

The Authority discovered that Parekh, Salgaocar, and others were not only involved in front-running trades on Tiger Global stocks but were also buying shares when Tiger Global sold its PolicyBazaar Fintech shares. Through these illegal activities, Parekh, along with his associate Rohit Salgaocar, made a total of Rs 65.7 crore.

About SEBI

The Securities and Exchange Board of India (SEBI) is the regulating authority for India's securities and commodity markets. The Securities and Exchange Board of India's fundamental functions include ...protecting the interests of investors in securities, promoting the development of, and regulating the securities market.

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