Harshad Mehta is not just a regular stock broker; he is a millionaire whose life is so successful that movies and television shows are being produced.
Quick Facts of Harshad Mehta
|Full Name||Harshad Shantilal Mehta|
|Names Earned||The Big Bull & The Amitabh Bachchan of Stock Market|
|Famous For||Masterminding the 1992 Stock Market Scam of over INR 4000 crore rupees|
|Date of Birth||29 July 1954 (Thursday)|
|Birthplace||Paneli Moti, Rajkot District, Gujarat|
|Date of Death||31 December 2001 (Monday)|
|Place of Death||Thane Civil Hospital, Mumbai|
|Age (at the time of death)||47 Years|
|Death Cause||Heart Ailment|
|Hometown||Paneli Moti, Rajkot District, Gujarat|
|School||Holy Cross Senior Secondary School, Raipur, Chhattisgarh|
|College/University||Lala Lajpat Rai College of Commerce and Economics, Mumbai (1976)|
Rajkot, India, was the place of Harshad Shantilal Mehta was born on July 29, 1954. He was a stockbroker who was dubbed The Big Bull or The Amitabh Bachchan of the Stock Market because of his propensity for taking risks. He was seen as a market manipulator as a result of the 1992 Indian Securities Scam.
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What is the Net Worth and Earrings of Harshad Mehta?
Previously, Harshad and Ashwin Mehta handled the firm jointly. Although Harshad Mehta is no longer with us, his sibling is thought to be extremely wealthy.
According to reports, Ashwin waged a lone battle to clean his brother’s identity and gave the banks 1700 crores to pay off all the debts and NPAs.
When Harshad Mehta was alive, it was believed that he was directly responsible for the embezzlement of assets of Rs. 1439 crores ($193 Million) and the scandal that resulted in the loss of Rs. 3542 crores ($475 Million) of wealth. He benefited greatly from this gain in personal fortune, but many people saw their entire wealth go.
|Net Worth (2021)||$475 Million|
|Net Worth In Indian Rupees||3542 Crore INR|
|Monthly Income And Salary||1.5 Million +|
|Yearly Income||18 Million +|
Harshad passed away in Mumbai on December 31, 2001, leaving behind his wife Jyoti Mehta, son Atur Mehta, siblings Ashwin Mehta, Sudhir Mehta, and Hitesh Mehta.
This swindle appears like something out of a movie, and it is impossible for us to envision an Indian individual pulling off something like this in real life.
What scam did Harshad Mehta do?
Mr. Harshad Mehta’s systematic deception in the Indian stock market in 1992 was the subject of the scheme. This resulted in a significant error that caused the collapse of the entire securities system.
By taking advantage of the various gaps and openings in the brokerage system, he was able to divert substantial sums of money from the banking channel to the stock market.
In order to purchase equities on the Bombay Stock Exchange, Harshad defrauded the banking system of more than 1 billion rupees. The banking systems experienced a loss of between 3500 and 4000 crores as a result of this transaction.
The stock market suffered a severe crash as a result of this fraud and the loss to the banks. This fraud became one of the biggest in global history as thousands of unwitting investors lost a lot of money.
This is how big bull is made
He established his own business and joined the Bombay Stock Exchange in 1984. Though the 1980s were drawing to an end, Harshad’s rage only became stronger. Every newspaper was joyful in the upcoming 1990s, every magazine had photographs printed, and powerful individuals desired to interact with it. According to legend, thatch tears when the top one gives way. Harshad was experiencing the same issue. Old folks used to revere his name, while younger people aspired to be like him. Everyone was curious about Harshad Mehta’s secret.
What was the secret of Harshad Mehta?
Harshad was the philosopher’s stone because everything he touched turned to gold. The stock market valued Harshad higher than Kohinoor. But in order to understand Harshad Mehta’s secret, one must comprehend his method of operation. The price of the ACC stock was 200 rupees when he first became interested in it, but it quickly rose to 9 thousand rupees. Consider: What was the key that unlocked the nation’s banking system. What did he do to shock the stock market’s senses? And who made this information public?
Harshad Mehta’s success coincided with the stock market’s steady ascent to new heights.
The nation’s economy was in the midst of a transition at the time.
Foreign investment and privatization were both rising.
The nation had made progress toward reform.
Mehta’s fire grew as long as the market was expanding, but eventually the stock market crashed.
Mehta opened the “Harshad Mehta scandal” after discovering that he was unable to repay the money to the banks.
After this incident, Debashish Basu, author of Business Today, stated in a New York Times piece that “The problem is not Mehta.
Old pages are being shredded at a unique point in the Indian economy’s history.
Scammers emerge from hiding during such times.
On the floor with havoc
Even those who burned with Harshad were unable to accomplish what Sucheta Dalal’s writing had accomplished.
This controversy was being talked about everywhere, from Dalal Street to Parliament.
A joint parliamentary committee was established to look into the situation as it grew.
The CBI not only detained Harshad but also his brothers Sudhir and Ashwin.
Against Harshad, more than 600 civil cases and 72 criminal proceedings have been filed.
Following this, something occurred that had never happened before in the nation’s history.
Mehta asserted at a press conference that he had paid PM Narasimha Rao a bribe of one crore.
Rao and Congress both refuted the accusations.
Never was there any proof of this.
However, this case cost Narasimha Rao dearly because at the time he was also charged with buying off JMM lawmakers to maintain his administration.
How did Harshad Mehta Exposed ?
Mehta restarted his business after being granted bail.
In case after case, he was granted bail.
The days appeared to change once more.
But in 2001, he was once more detained and imprisoned, where he passed away on December 31 from a heart attack.
The 1992 scam cost Rs. 4025 crore, according to a study by the Janakiraman Committee of the RBI.
The largest instance of this included SBI fraud of 600 crore.
It is alleged that the public would assemble to chant in his support whenever he appeared in court.
In 2006, Sucheta, a journalist who broke the story, also received the Padma Shri Award.
“The problem with Mehta was that he never changed his formula. He failed to realize that his old magic is no longer affecting the investors. He always lived in the world of appearances. After the SBI scandal surfaced, he had a photoshoot at the Mumbai Zoo feeding peanuts to the bears. Through this, he wanted to show that the stock market would always run at his behest.
Is Harshad Mehta still alive?
NO. He was died on 31 December 2001.
Where did Mehta died on?
He was died in Thane Civil Hospital, Mumbai.
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