Ketan Parekh, Bank of India scam: Lender gets back Rs 137 cr in Harshad Mehta-type swindle
Bank of India’s (BOI) 18-year-old-year old legal struggle against the scam-tainted Ketan Parekh has finally paid off. The government-owned bank has managed to recover the entire money in the Rs 137 crore pay-order scam involving Parekh’s group of companies and Ahmedabad-based Madhavpura Mercantile Cooperative Bank Ltd (MMCB)
The Ketan Parekh scam first came to light in 2001 when the First Information Report (FIR) was filed by BOI with the Central Bureau of Investigation (CBI). Image source: PTI