SC grants bail to Ketan Parekh in Canfina MF scam

NEW DELHI: Supreme Court has granted bail to stockbroker Ketan Parekh in the Canfina Mutual Fund scam case.

He had been held guilty in the case related to 1992 stocks scam, duping Canbank Financial Services of more than Rs 47 crores.

A Special Court had sentenced Parekh to one-year rigorous imprisonment.

Parekh had surrendered before a special court in August, four months after the court sentenced him and three others to a year in jail for Rs 47 crore Canfina scam.

On April 1, 2008, around sixteen years after they siphoned off public funds to the tune of Rs 47 crore to invest in shares, a special court had sentenced four prominent city brokers, including Parekh and Hiten Dalal, to one-year imprisonment. Justice V M Kanade, heading the special court (for trial of offences relating to transactions under the Securities Act), held them guilty of criminal conspiracy, misappropriation of funds and cheating.

The court, however, had extended their bail and suspended the sentence until July 31 to enable them to file appeals in the Supreme Court. Parekh had moved the Supreme Court in appeal only to be told to first surrender.