Scam 1992 The Harshad Mehta Story: Harshad Shantilal Mehta also remembered as the ‘Big Bull’ of India was born in Rajkot, Gujarat on 29 July 1954.
Harshad Mehta was an Indian stockbroker and tradesman. Harshad Mehta’s father was Shantilal Mehta, who used to serve in the textile industry.
Harshad Mehta became well known after his association in the biggest scam of 1992. Although various rumours suggest that Harshad Mehta did not commit any crime, he only used the deceptions in the financial system to make money.
Here is a look at the controversial 1992 scam and how the Harshad Mehta family doing today.
Anyway, the financial journalist, Sucheta Dalal first discovered this scam in 1992, and an inquiry was carried on. Harshad Mehta was detained for 5 years, and he died in the jail of Thane, Maharashtra, on 31 December 2001.
The cause for his unexpected demise was heart failure. Let’s know more about the famous scam 1992 the Harshad Mehta story.
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How did Harshad Mehta enter the stock market?
After completing his college at Lala Lajpat Rai College in 1976, Harshad Mehta did a lot of odd jobs for approximately 8 years. His jobs included selling and buying jewels, concrete, etc.
Harshad Mehta’s initial job was at New India Assurance Company Limited. But later, he resigned from his job and chose to join the share market.
His family opposed this decision, but Harshad believed in himself and convinced everyone. At first, he began his lower-level job where he acted as a jobber for his ‘guru’ Prasanna Pranijivandas.
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Harshad Mehta’s effort in the share market was impeccable. In a short time, his achievement reached heights and everyone else started envying him.
By 1990, Harshad Mehta became so popular that people started calling him ‘Amitabh Bachchan of the Stock market’.
He was highlighted in the Top magazines of that time. In 1984 Harshad Mehta started his brokerage firm named ‘Grow More Research and Asset Management.’
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How Harshad Mehta did scam the stock market?
Harshad Mehta’s way of reasoning was unmatchable. He used to invest immense amounts of money in particular securities.
Harshad Mehta shrewdly took advantage of loopholes present in the Indian financial system and once he took Bombay Stock Exchange Sensex to 4500.
His way of trade was simple. He used to invest immense amounts of money in particular securities by taking a loan from banks. Later he used to buy that security in large amounts which resulted in the raised price of the share of that specific security.
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Later it falls back when he sells those shares. Thereafter, Harshad Mehta took out his share and paid to the bank first and the huge variation created by this went to his account, making him wealthy.
Harshad Mehta became so successful and rich by the end of 1991 that the media started calling him ‘Big Bull.’ The media started taking his interviews and he was on every business magazine cover page.
He purchased a sea-facing 15000 sq ft residence in Mumbai with a mini-golf course and swimming pool.
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Where did you get money to invest in the stock market?
His life was going well until the journalist Sucheta Dalal took curiosity in his business matters. She commenced her inquiry about how Harshad Mehta earned 1000 cr in such a short time.
Later on 23rd April 1992, Sucheta Dalal showed Harshad Mehta’s Scam in front of the public. Sucheta Dalal published an article and a book describing the Scam in 1992.
Succeeding the CBI arrested and questioned Harshad Mehta in November 1992. Harshad Mehta was accused of 72 unlawful crimes and more than 600 banks and institutions complained to him.
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How did Harshad Mehta die?
Harshad Mehta appointed renowned Lawyer Ram Jethmalani and was later given bail after 3 months. The high court in September 1999 sued Harshad Mehta for a Rs 380 million deception case of Maruti Udyog Ltd.
He was confined to 5 years in jail. On 31 December 2001, Harshad Mehta died due to a heart attack in the jail itself. This Scandal obtained so much popularity that several movies and web series were released in 2020.
‘Scam 1992’ is the second-highest IMBD-rated web series on Sony LIV based on Harshad Mehta’s life. Later one more movie ‘The Big Bull’ was released and Abhishek Bachchan played the lead role as ‘Harshad Mehta’.
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After The Demise of Harshad Mehta?
After Harshad Mehta’s unexpected demise on 31st December 2001, his wife and brother encountered loads of judicial difficulties.
His wife Jyoti Mehta and brother Ashwin Mehta after 27 years in 2019 eventually cleared the tax demand of roughly 2 crores.
In 2019, Jyoti Mehta won the claim against Federal Bank and a stockbroker named Kishore Janani. They both need to repay almost 500 crores plus taxes to Jyoti Mehta.
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Ashwin Mehta (Harshad Mehta’s brother) further Pursued Law, and now he is in his 50s. He is a renowned lawyer.
Although Harshad Mehta’s case was settled after his sudden demise, Ashwin Mehta repaid almost 1700 crores to the bank to clean his brother’s name.
Harshad Mehta’s son Atur Mehta is a tradesman, and he retains a low profile. Atur Mehta stays away from conferences and social media. He later acquired a 23% stake in a textile company registered by the Bombay Stock Exchange.
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To know more regarding Harshad Mehta’s Scandal, it’s preferable to watch ‘Scam 1992‘ on Sony LIV. It is directed by Hansal Mehta and stars Pratik Gandhi in the lead role of ‘Harshad Mehta.
Scam 1992 has one season with 10 episodes released on 9 October 2020. Because of Pratik’s excellent performance and storyline, it became one of the top-rated web series in no time.
Sony LIV has also declared another franchise titled Scam 2003, directed by Hansal Mehta.
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Unusual Interesting Facts about Harshad Mehta:
1. Harshad Mehta despite being the mastermind of the greatest scam in 1992 paid the highest tax.
2. Harshad Mehta used to relish playing and watching Cricket. He was also at his school’s cricket club.
3. Harshad Mehta came from a very underprivileged family. After finishing his studies, he came to Mumbai with only 40.
4. Harshad Mehta openly stated that he bribed then Prime Minister, Mr P.V. Narasimha Rao to withdraw his name from the scandal.
5. The Harshad Mehta scam is the most significant scam in Indian history and the current worth of the scam is almost 24000 crores.
6. The web series ‘Scam 1992’ is based on the book “The Scam: Who Won, who Lost, who Got Away” by Debashis Basu and Sucheta Dalal.
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