Ketan Parekh, namesake of the former tainted stockbroker, was on Monday convicted and sentenced to two years in jail in a case of debenture fraud, committed more than two decades ago. The special CBI court here also imposed a fine of Rs. 50,000 on him.
The other three accused, who allegedly conspired with him to cause losses to the Bank of Baroda, have been acquitted. They were all former officials of the bank.
Sources confirmed he is not the Parekh who was involved in stock market fraud.
“The former officials had conspired with Parekh and cheated the bank by obtaining duplicate debentures in lieu of originals, and by pledging the original debentures of Reliance Industries Limited ‘F’ Series in the name of Suryakant Ambalal Patel and Jyotsna Suryakant Patel,” a CBI spokesperson said.
The couple had deposited the debentures in the custody of the bank. But the bank claimed to have lost them. Meanwhile, the three officials granted loan in favour of four accounts floated by Parekh based on the lost debentures.
