capital markets / banking (diversion of bank funds through the call-money and badla/NSE-BSE arbitrage channels)
Ketan Parekh stock-market scam (with the 2001 Calcutta Stock Exchange payment crisis)
SFIO report on the Ketan Parekh scam received by the Ministry of Corporate Affairs 2007-03-26 and forwarded to the Assessing Officer. Criminal and regulatory proceedings continued well past the decade
VerifiedOfficial record. Source: Lok Sabha, Unstarred Question 466, 2007-05-04, MoS Finance S.S. Palanimanickam, ; Lok Sabha, Unstarred Question 1519, 2010-11-18, Ministry of Corporate Affairs, https://archive.org/details/eparlib.nic.in.592421 (archive.org)
mutual funds / capital markets
UTI exposure in "K-10" stocks (the Ketan Parekh constellation)
Inspection found UTI held 57,195 / 52,795 / 72,150 / 106,350 / 376,138 / 480,236 Lupin Ltd shares on 1999-09-01, 1999-10-01, 1999-11-01, 1999-12-01, 2000-01-01 and 2000-02-01. UTI also held 4,770,199 shares of Global Telefilms, 40 lakh secured redeemable non-convertible debentures of Kopran Ltd, and 24,499,520 shares of Zee Telefilms. Penalties: dismissal from service for two officers and recovery of pecuniary loss against one officer (ATR laid December 2006). The questioner's assertion of Rs 180 crore of UTI losses in Lupin was put to the Minister and NOT confirmed or denied in the answer, it is an unverified parliamentary question, not a finding
VerifiedOfficial record. Source: Lok Sabha, Unstarred Question 1519, 2010-11-18, Minister of Corporate Affairs Salman Khurshid (archive.org)