Parekh along with others, including Canfina officials were convicted on March 14 after entering into a criminal conspiracy to siphon off Rs 47 crore. Bangalore-based Canbank Financial Services was the victim of this scam. Money belonging to Canfina was transferred to Canbank Mutual Fund accounts in Mumbai by default, but CBMF diverted it to the accounts of Parkeh and other stockbrokers instead of returning the money to Canfina. The transactions took place in October 1991 and January 1992. Total loss suffered by Canfina was of Rs 47.7 crore.