Can’t pay anymore

Cooperative Bank depositors who lost their hard-earned savings would recall that Ketan Parekh, named the chief architect of the securities scam of 2000, has been out on bail, based on a promise before a Gujarat Court that he would repay over Rs 780 crore that he siphoned off in connivance with the bank’s late Chairman, Rameshbhai Parikh. After paying back around Rs 223 crore and even accelerating the pace of repayment, the bull operator now says that he is unable to pay any more. The matter has wound its way to the Supreme Court, where Ketan’s lawyers apparently pleaded for a moratorium and an extension of repayment time. The apex court was, however, in no mood to listen. It may be recalled that Ketan and his cronies had bled the bank for over Rs 1,030 crore, inflicting losses to tens of thousand depositors. Meanwhile, the Central Bureau of Investigation claims to have tracked $6 million in a UK account belonging to another Ketan Parekh crony called Dharmesh Doshi.