Everyone knows the name of the big bull, Harshad Mehta. He is infamous for his BSE scam. With the release of the web series, scam 1992: The Harshad Mehta story, people have started to show more interest in him.
Today, in this blog we will tell you everything that you need to know about Harshad Mehta.
Table of Contents
Who was Harshad Mehta?
Harshad Mehta also known as The big bull was born on 29 July 1954 in Gujrat. He was a businessman and a stock market broker, He was infamous for his scams back in 1992. He used to take advantage of loopholes in the Indian banking system and artificially manipulate the price of shares.
Later, he was caught and was sent behind the bars, where he was under trial for 9 years.27 charges were brought against him out of which he was convicted in four.
Harshad Mehta’s Story
Early days of Harshad Mehta.
Harshad Mehta belonged to a Gujarati Jain middle-class family and his father was a small textile business owner. He completed his schooling in Chattisgarh and then returned to Mumbai for higher studies.
In the year 1976, he graduated from Lala Lajpat Rai college as a B.com graduate.
Career
After graduation, he was engaged in many odd jobs like selling cement and so on. Later he started working as a salesman in a company called New India assurance company ltd, where he discovered his attraction towards the stock market. In just a few days he resigned from his post and worked under a BSE affiliated stockbroker, P. Ambala.
After a year he left this job too and joined Harjivandas Nemidas Securities, where he met a person whom he considered as his ‘guru’ teacher, Prasann Pranjivandas.
After gaining enough experience and expertise in the stock market, Harshad started his own firm as ‘GrowMore research and asset management, Here he went from a complete zero to a full-fledged hero in no time.
He was so popular that he got titles like ‘The Amitabh Bachchan of the stock market’ and the most popular nickname ‘The big bull’.
Family
Harshad Metha’s family had 6 members. His father, Shantilal Mehta. His mother, Rasilaben Mehta. His three siblings, Sudhir Mehta, Hitesh Mehta, and Ashwin Mehta.
Harshad Mehta was married to Jyoti Mehta and they had a son named Atur. There are plenty of images of all the members of Harshad’s family except his son Atur’s because he was kept away from media and limelight.
Harshad Mehta’s Death
After serving 5 years in imprisonment, one day Harshad Mehta complained about chest pain, Nad on 31st December 2001, he lost his life due to a sudden heart attack, this was the reason for Harshad Mehta’s death.
Securities Scam Of 1992
Also known as Harshad Mehta scam 1992. This was the scam that made him ‘market manipulate’ Though, Harshad gained a lot of wealth it resulted in a loss of wealth for many people.
In the 90s banks were not allowed to invest in the stock market, Harshd having connections with superior bank officials took advantage of this. He asked banks to transfer amounts directly to his bank and in return, he promised a high interest. After that, he invested that enormous amount into some hand-picked shares resulting in skyrocketing the price of those shares.
Then he used to sell all his shares at high rates after which the shares price crashed and other investors lost their money whereas the big bull would be packing profits.
The Exposure Of The Scam
There were a lot of people who were jealous of Harshad Mehta but things went ugly when a journalist named Sucheta Dalal initiated her investigation on Harshad Mehta. She investigated the source of the scam and finally busted the scam. The scam amount was estimated to be Rs. 5000 crore making it the biggest money scam ever committed in India.
After The Exposure Of The Scam
Ashwin Mehta got his law degree at age of 50 and was appointed as legal representative of Harshad. He fought cases on behalf of his brother to clear his name. Amidst the legal battle, Harsh Mehata lost his life due to a sudden heart attack.
After that Harshad’s family was trapped in the legal battle for almost 27 years. Finally, in 2019, The tax Appellate Tribunal scrapped almost the whole tax demand of quite ₹2000 crore after 27 years that was on Harshad, his wife, Jyoti, and his brother, Ashwin Mehta. And in the same year, Harshad’s family also won the case against a stockbroker named Kishore Janani and a federal bank, they both owned about six crore rupees to Harshad Mehta while he was alive.
Jyothi and Ashwin won the case and claimed that money with 18% interest. Mehta’s family was freed from all allegations in February 2019.
Harshad Mehta’s Net Worth and Portfolio
Harsh Mehta had a towering net worth of Rs. 1,075.4 Cr. He used to invest in many shares, you can check out his full portfolio here.
Parting Words
Harshad Mehta was a powerful personality in the world of the stock market, during his time he suppressed many powerful players like Manu Manek (the black cobra).
Harshad Mehta had so much influence in BSE that he became rag to riches in a matter of months. He used to own fancy stuff like luxury cars and whatnot.
You can check out the web series scam 1992: the story of Harshad Mehta. This web series is based on the life of Harshad Mehta who is loved by everyone.
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Picture Of Scam 1992 Harshad Mehta and Family Members
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