Ketan Parekh in London, Gujarat in jitters

Madhavpura Bank scamster, Ketan Parekh, who was recently granted permission by the Supreme Court to travel abroad, has reportedly left the country. KP, as Parekh is popularly known, is already in the UK, for the treatment of his ailing daughter.

“Ketan Parekh has already arrived in London for his daughter’s treatment,” an Ahmedabad-based businessman close to Parekh, told DNA.  Parekh owes around Rs900 crore, including the principal amount of Rs569 crore, to Madhavpura Mercantile Co-operative Bank. 

The scam perpetrated by Parekh resulted in thousands of people losing their savings. A number of co-operative banks, which had maintained deposits with Madhavpura Bank, had also suffered huge losses, so much so that many had to down their shutters.

Parekh’s departure has become a cause of worry for the management of the Madhavpura Bank and its depositors, who stand to lose huge sums of money if Parekh defaults. However, the businessman close to Parekh said that depositors need not worry as Parekh will definitely return to India within 10 days. 

“We do not trust Parekh,” said Jitendra Shah, president of Navgujarat Bank Customer Protection Council, which represents depositors of Madhavpura Bank.