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This is an archive article published on February 5, 1999

Securities scam accused dead

MUMBAI, Feb 4: Former managing director of Fairgrowth Financial Services Limited and an accused in the multi-crore securities scam, K Dha...

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MUMBAI, Feb 4: Former managing director of Fairgrowth Financial Services Limited and an accused in the multi-crore securities scam, K Dharampal died on Thursday morning following a heart attack.

Dharampal was on his way to the Bombay High Court at about 10 am when he experienced pain in his chest. He managed to reach a friend8217;s house and was then rushed to a clinic near by. But he dead before he could get medical aid.

Ironically, the special court of Justice S N Variava was to frame charges today against Dharampal and others in a CBI case against Fairgrowth.

Stock broker Pallav Seth who was present in the court for another case, was the first to hear of Dharampal8217;s death. As soon as the court assembled Seth informed the court, and Justice Variava adjourned the case.

Dharampal had joined FFSL in the heyday of B Ratnakar, former chairman of Canara Bank. FFSL ran into trouble even before the scam broke. Subsequent investigations revealed serious malpractices which were fuelled by Ratnakar8217;s recklessstyle of functioning.

 

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