Some mind-blowing facts about Harshad Mehta? (Scam 1992)
Pratik Gandhi, who plays the lead, has won over the critics and the masses with his brilliant performance. From Harshad Mehta's distinguishable personality traits to his devil-may-care attitude, Gandhi nailed the infamous stockbroker's mannerisms down to a T.
Harshad Shantilal Mehta was an Indian stockbroker. Mehta’s involvement in the 1992 Indian securities scam made him infamous as a market manipulator. Although, as reported by Economic Times, some financial experts believe that Harshad Mehta didn’t commit any fraud; he simply exploited loopholes in the system.
- Harshad Mehta was an Indian Stockbroker. He was born on 29 July 1965 in the Gujrati family at Rajkot, Gujarat. He does his graduation in B. Com from Lajpatrai College Mumbai.
- During his early career, he tried various jobs related to selling cement, diamonds, etc. He got interested in the Stock Market when he started his career as a salesperson in New Indian Assurance Company Limited (NIACL).
- He started his career in this stock market as a jobber.
- Harshad belongs to a very poor family in Raipur, Madhya Pradesh (Now Chhattisgarh). when he came to Mumbai after his schooling for studies and to find work he only has 40 rupees in his pocket. and worked a number of odd jobs for the next eight years.
- Very few people knew that Harshad was a cricket enthusiast. he loves to play and watch cricket in his free time. Harshad was also in his school (Holy Cross Baron Bazar School) cricket team which was in Raipur.
- He considered Prasann Pranjivandas Broker as his ‘Guru’.
- In the year 1984, Harshad Mehta joined the Bombay Stock Exchange (BSE) as a broker. He established his firm “GrowMore Research and Asset Management”.
- Harshad had started investing in the stock market from the early 80s, but there was no concept of long-term investing back. Much of what passed off as research was merely trading on the basis of information available to only a few. This was a common practice and most big brokers of that time made their fortune this way.
- He invested so heavily in the ACC share their prices rose from 200 Rupees to 9,000 rupees in just 3 months.
- Harshad managed to convince financial institutions to buy the stocks he was bullish on. He may have had some good ideas, but it can’t be denied that the institutions’ support for Harshad also had to do with his clout in the corridors of power in Delhi and the quest for quick profits, rather than their belief in his stock-picking skills.
- By the 1990s, Harshad Mehta had risen to such prominence in the Stock market that he was known as the ‘Amitabh Bachchan of the Stock Market’. Terms such as ‘The Big Bull’ and ‘ Raging Bull’ were regularly used in reference to him.
- He bought an expensive penthouse of 15,000 sq. feet in Worli, Mumbai.
- He has Lexus Starlet, Toyota Corolla, Toyota Sera which were not even easily affordable to the richest persons.
- He was the biggest taxpayer of Mumbai with 26 crores of tax in advance.
- He was arrested on 9 November 1992 for the securities scam.
- Harshad managed to divert large sums from the banking system to the stock market, by exploiting the loopholes in the system. But foreign banks and their chosen brokers too had been toying with the system much before Harshad stumbled into the loopholes.
- Many litigations still pending against him When he died in Thane prison due to a brief heart ailment in the year 2001. There were 28 cases registered against him. Market watchdog, Securities and Exchange Board of India, had banned him for life from stock market-related activities. Due to his scams.
- Harshad Mehta Scam is the biggest scam of the stock market of India to date. The scam amount is estimated to be about 4,000 crores (the present value being over 24,000 crores). This scam exposed various loopholes in the Indian Banking system.
- His scam was worth rupees 3,500 crores to 4,000 crores.
- He was charged with 70 criminal cases and more than 500 civil action suits.
- He died on the occasion of the happy new year i.e., at 12:30 AM on the 31 December 2001.
- The Mehta scandal was portrayed in the Hindi movie, Gafla
- Mehta’s life and his 1992 scam are covered in great detail by Sucheta Dalal and Debashish Basu in their book The Scam: From Harshad Mehta To Ketan Parekh.
- In theyear ( 2020 ), Hansal Mehta’s show has been winning applause for its storytelling and treatment- The Scam 1992 Web Series! It’s based uponSucheta Dalal and Debashish Basu book.