Harshad Mehta was the biggest scamster of the 90s. He did the biggest scam ever in the stock market. Harshad’s story of becoming the biggest king of the stock market from a small trader of a small stock market company is very interesting. He changed the condition of the stock market in 1990 and shook the financial market of the whole country. It is said about Harshad that the stock on which he laid his hands at that time turned into gold.
Harshad Mehta Bio
|Birth Date||29 July 1954|
|Death Date||31 December 2001|
|Birth Place||Rajkot, Gujarat|
|Death Place||Thane Jail, Mumbai|
|Net Worth||3500 crore|
Early life of Harshad Mehta
Harshad Mehta was born on 29 July 1954 in Panel Moti, Rajkot Gujarat in a small business man family. After some time his father Shantilal Mehta came to Mumbai and started doing small business of textile in Mumbai. But due to lack of business, he came to Raipur (erstwhile Madhya Pradesh) of Chhattisgarh and started a business here.
The rest of Harshad’s schooling was completed in Raipur itself. After this, he came back to Mumbai for graduation, where he did a B.com took a degree, and did small jobs in Mumbai itself for 8 years. From selling cement, he also worked in financial companies.
This led to his tendency towards the stock market, due to which he got a job in a stock market brokerage firm, from there he learned the tricks of the stock market and in 1984 started his own company named Grow More Reisers and Asset Management and Bombay Stock. Took membership in the exchange as a broker. And from here began the journey of scam of that uncrowned king of the stock market.
Golden Days of Harshad Mehta
Harshad Mehta’s company became a huge stock market company from 1984 to 1990. Harshad was covered in the newspaper due to his rapid success. Her pictures were printed in every magazine and big people longed for a meeting with him. Harshad was that Paras stone that used to touch the stock which turned to gold.
His value was more than Kohinoor in the stock market. Harshad’s name was taken with great respect in the stock market. It is said that when the person above gives, he tore the roof, the same was happening with Harshad. From his 1500 square feet sea-facing penthouse to his fondness for expensive vehicles, everything made him a celebrity.
Everyone was surprised by Mehta’s success and perfect knowledge of the stock market. This was happening for the first time that a small broker is continuously investing so much and earning crores with every investment.
Harshad Mehta Scam Exposed
Journalist Sucheta Dalal, while disclosing the scamster Harshad Mehta, said that Harshad has done a scam of about 4000 crores. For this Harshad used to take a loan of 15 days from the bank and put it in the stock market. Also, within 15 days, he used to return the money to the bank with profit. But no bank gives a loan for 15 days.
All this became possible because he was also familiar with many small banks, taking advantage of this, he made a forged banking receipt, and through this receipt, he used to take money from other banks and invest it in the stock as soon as there was profit in the stock market, he would immediately return the money to the bank in lieu of a receipt. Along with this, he used to get a fake BR made from one bank, after which he used to get money comfortably from another bank as well.
This fake work was going on so smoothly that no one even noticed it. Along with this, he started writing advisory columns in the newspapers that if you invest in this company, you will benefit or not in this company, it will harm. Later it was found that Mehta used to give advice only to invest money in the company in which his own money is invested. However, after the disclosure, all the banks started demanding their money back from him and imposed 72 criminal charges and about 600 civil charges on Harshad Mehta.
Imprisonment to Harshad Mehta
Along with the disclosure of journalist Suchita, the police conducted an investigation. Under this, despite having 72 criminal charges and about 600 civil cases filed, evidence could be found in only one case. Due to which Harshad Mehta, even after being guilty of such a big scam, was imprisoned for only 5 years and fined 25 thousand.
Harshad Mehta Death
Harshad Mehta died mysteriously while serving his sentence in jail. On the night of 31 December 2001, he was admitted to the hospital on the complaint of chest pain, where he died of a heart attack.
Family of Harshad Mehta
|Father’s Name||Shantilal Mehta|
|Mother’s Name||Rasilaben Mehta|
|Wife’s Name||Jyoti Mehta|
|Brother’s Name||Ashwin Mehta, Hitesh Mehta, Sudhir Mehta|
|Son’s Name||Aatur Mehta|