Renowned billionaire industrialist Harsh Goenka has sparked a wave of concern within financial circles with his recent warnings about potential malfeasance in the stock market, particularly centered around Kolkata. Drawing parallels to past market manipulation scandals involving figures like Harshad Mehta and Ketan Parekh, Goenka took to social media platform X to express his apprehensions.
In a candid post, Goenka highlighted his suspicions regarding certain businessmen, predominantly from Kolkata, engaging in fraudulent activities aimed at artificially inflating profits and 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,” he remarked.
However, Goenka stopped short of providing specific details regarding the alleged malpractices. Despite the lack of concrete evidence, his words resonated within the investment community, prompting concerns about the integrity of the market.
As a prominent figure with a substantial following of approximately 1.8 million on platform X, Goenka’s remarks garnered significant attention. He urged regulatory bodies like the finance ministry and the Securities and Exchange Board of India (Sebi) to intervene promptly and conduct a comprehensive investigation into the suspected irregularities.
While Goenka’s call to action was met with anticipation, both the finance ministry and Sebi opted not to comment on the matter, further fueling speculation about the gravity of the situation.
Notably, Harsh Goenka’s roots trace back to Kolkata, where his family holds significant business interests. His younger brother, Sanjiv, is a prominent figure in the local business community. Additionally, Kolkata serves as the headquarters of ITC Limited, a conglomerate with a diverse portfolio spanning various industries, solidifying its stature as a key player in the regional economy.
