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Ketan Parekh gets conditional bail; asked to pay Rs 160 million

Stockbroker Ketan Parekh, arrested for alleged fraud and misappropriation of public funds belonging to Madhavpura Mercantile Co-operative Bank, was on Friday given bail on condition that he would pay Rs 160 million to the bank within three to six months.

Chief Metropolitan Magistrate Smitaben Shah, before whom Parekh was produced here by the CBI, who brought him here from Bombay after expiry of his 15 days remand, also asked the accused to furnish Rs 200,000 in cash and solvency surety of Rs 1 million.

The accused on Friday gave a written undertaking that he would give MMCB Rs 160 million to be paid to its over 100,000 small investors within three to six months.

The CMM also asked Parekh to produce himself every Monday before the CBI in Bombay which was investigating the MMCB and the Rs 1.35 billion pay order scam.

Moreover, one of the other conditions of the bail was that Parekh should return to MMCB its Rs 3.80 billion, which he had allegedly misappropriated with other accused in the case, within three years, failing which he was liable to be arrested.

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