Everything You Should Know About Harshad Mehta - Story of a Person who was Behind Scam 1992

Harshad Mehta was Convicted by Bombay High Court and The Supreme Court of India for his part in Financial Scandal valued at Rs. 100 billion which took place on the Bombay Stock Exchange.

Background of Harshad Mehta

Harshad Mehta was born on 29 July 1954, in Rajkot district of Gujarat. His full name is Harshad Shantilal Mehta. Harshad Mehta belonged to a Jain family. His father Shantilal Mehta was a small textile businessman. Shantilal Mehta faced multiple business setbacks in which he lost all his wealth but honored his obligations even by sale of the jewelry of Smt Rasila Mehta, mother of Harshad Mehta. The Family faced acute financial problems and even faced difficulties to pay for the school fees, but the gift of best education was given to Harshad by his parents. Harshad Mehta had three brothers Ashwin Mehta, Sudhir Mehta and Hitesh Mehta. Harshat done his early education from Janta public school Bhilai.

Brief of Scam 1992

After completing his graduation Harshad joined New India Assurance in their Head Office at Fort in the Hull department. That without having a house of his own and reasonable earnings and for better prospects he sought a transfer to the Investment department of New India Assurance and started visiting Bombay Stock Exchange during Lunch time. After this, Harshad started to understand the Market. From here the 1992 Indian stock market scam was a market manipulation carried out by Harshad Mehta with other bankers and politicians on the Bombay stock exchange. The scam caused significant disruption to the stock market of India, defrauding investors of over ten million USD. The biggest money market scam ever committed in India, amounting to approximately 5000 crores. The main perpetrator of the scam was a stock and money market broker Harshad Mehta. Techniques used by Mehta involved having corrupt sign fake cheques, abuse market loopholes, and use fabrication to drive stock prices up to 40 times their original price. Watch Video For better understanding you can watch this video.

Education Qualification of Harshad Mehta

Harshad has done his schooling from Janta Public School, Bhilai. After that Harshad moved to Bombay for a better future and lived with his uncle and aunt. He took admission to Lala Lajpatrai college of commerce. He has done his B.com from here. Apart from these Harshad had a good interest in cricket he was leg arm spinner and right-hand batsman but to lack of finance his passion for cricket just remained a dream. After finishing his B.com he worked a number of odd jobs for the next eight years.

Books, TV shows and movies based on Harshad Mehta

A famous book by Sucheta Dalal and Debashis Basu “The scam - From Harshad Mehta to Ketan Parekh” is based on scam 1992. Read Book

Movies and television shows:-

Scam 1992, streaming on SonyLIV and produced by Applause Entertainment is based on Harshad’ life which was inspired by book mention above.

The character Natwar Shah in movie “Aankhein” released in 1993, placed under scanner for a multi crore scandal, was inspired by Harshad Mehta’s life.

Harshad Mehta was mentioned in the 2018 TV show “Yeh Un Dinon ki Baat Hai” based on 1990’s Ahmedabad.

The Mehta scandal was portrayed in the Hindi web series, “The Bull of Street”. A Telugu film “Lucky Baskhar” (2024) makes several references to Mehta and the 1992 scam.

Net Worth of Harshad Mehta in 1992

We don’t know the exact figure about wealth of Harshad Mehta during his peak time, but here is some information:-

Mehta and his associates are estimated to have stolen around 4000 crore rupees banking system. The scam was valued at rupees 100 billion and took place on the Bombay stock exchange.

Mehta also had a good taste in Luxury Cars he owned:-

Lexus LS400. Mehta was the first person to buy this car in India. Its cost at the that time was around 45 lakhs.
Toyota Corolla.
Toyota sera.
Accord Honda.
Mehta’s lifestyle was luxurious during his peak time and included a 15000 square foot penthouse in Mumbai’s Worli with a mini golf course and swimming pool.

Harshad Mehta’ death

Harshad Mehta died from a heart attack on December 31, 2001, in Thane at the age of 47.

Current situation of Harshad Mehta’s Family

Mehta family has faced legal challenges and financial difficulties since 2001. They are suffering from Litigation, Financial difficulties, mismanagement, recovering assets. To uncover the truth about Harshad Mehta his Wife Jyoti Mehta is working on her website and trying to recover their assets. Harshad’s son Atur Mehta Instagram Profile is a businessman and investor.

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