Billionaire Harsh Goenka Raises Concerns Over Possible Stock Market Scam, Citing Kolkata as Potential Hub

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Mumbai, 5th May 2024: Renowned billionaire businessman Harsh Goenka has sounded the alarm on a looming stock market scandal, drawing parallels to infamous market manipulators like Harshad Mehta and Ketan Parekh. Goenka has voiced suspicions that this purported scam might originate in Kolkata. In a recent post on social media platform X, Goenka claimed that certain businessmen, particularly from Kolkata, are engaging in fraudulent practices to inflate profits, consequently driving up stock prices.

“With a surging stock market, we are witnessing a resurgence of the malpractices reminiscent of the Harshad Mehta/Ketan Parekh era, predominantly centered in Kolkata,” Goenka asserted in his online statement. “Promoters are artificially inflating profits through dubious accounting entries, collaborating with Gujarati-Marwari brokers to artificially inflate their stock prices to unsustainable levels.” However, Goenka did not provide further details regarding these allegations.

Goenka, whose social media presence boasts approximately 1.8 million followers on platform X, also directed his concerns to the finance ministry and the Securities and Exchange Board of India (Sebi), urging them to intervene and conduct a thorough investigation into the suspected scam before small investors suffer significant losses. Despite Goenka’s public call to action, representatives from both the finance ministry and Sebi declined to comment on the matter.

It’s worth noting that Harsh Goenka, originally hailing from Kolkata, comes from a prominent business family, with his younger brother Sanjiv being a notable figure in the Kolkata business community. Additionally, the city is home to the headquarters of the conglomerate ITC, a diversified company with interests ranging from cigarettes to hotels, holding a prestigious position as one of the most valued companies in the region.