Tuesday, Aug 09, 2022
Outlook.com
Cover Story

Bear-Hug And After

It's a sordid tale of one man's greed but its repercussions could be severe for even the Indian economy

Bear-Hug And After
Bear-Hug And After
outlookindia.com
-0001-11-30T00:00:00+05:53

He was bigger than Harshad Mehta, they said. And the fact that—unlike Mehta, who got the entire Mumbai press to photograph him driving his Toyota Lexus—Parekh maintained a painfully media-shy life added to the mystique. You could get hold of his mobile number (he usually uses one number for incoming calls and another when he wants to call someone) but it is unlikely you would get to speak to him. KP seldom communicates with people he is not familiar with. Also, unlike Mehta, who was an upstart from humble origins, KP was born into a family of powerful brokers, with relatives firmly anchored in bourses around the country. He was the inheritor of the Great Easy Money Dream that every punter nurses in his heart, and he made a lot of people very rich.

And then reality threw a sucker punch, like Lex Luthor with a fistful of green Kryptonite. As the stockmarkets metamorphosed into a trapeze act gone dangerously awry, as panic snowballed, as heads rolled and fortunes evaporated, the myth of Ketan Parekh died.

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