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Harshad Mehta Family, Age, Scam, net worth, Biography

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Harshad Mehta (29 July 1954 – 31 December 2001) was an Indian stockbroker. Mehta’s involvement in the 1992 Indian securities scam brought him into disrepute as a market manipulator.

Of the 27 criminal charges brought against Mehta, he was convicted of only four (from a sudden heart attack) before his death in 2001 at the age of 47. It was alleged that Mehta. Was involved in a massive stock manipulation scheme financed by worthless bank receipts, which his firm brokered for “ready-forward” transactions between banks. Mehta was convicted by the Bombay High Court and the Supreme Court of India for his participation in the ₹100 billion (US$1.3 billion) financial scam on the Bombay Stock Exchange (BSE). The scam exposed flaws in the Indian banking system and the Bombay Stock Exchange (BSE) transaction system, and resulted in SEBI introducing new rules to cover those loopholes. He was prosecuted for 9 years, until his death in late 2001.

Biography of Harshad Mehta

Full Name Harshad Shantilal Mehta
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

Harshad Mehta height, weight, and more

Height (approx) 5.12 inches
Weight (approx) in kilograms- 76 Kg
Body measurements Not known
Eyes color Black
Hair color Black

Education

He did his early studies at Janata Public School, Camp 2 Bhilai. A cricket enthusiast, Mehta did not show any particular promise in school and after his schooling came to Mumbai to study and find work. Mehta completed his B.Com from Lala Lajpat Rai College, Bombay in 1976 and did a variety of assignments for the next eight years.

Harshad Mehta Family

Harshad Mehta family member || Newssow.com

Wife/Spouse Jyoti Mehta
Harshad Mehta's wife Jyoti Mehta
Children Son– Atur Mehta
Daughter– None
Parents Father– Shantilal Mehta (Businessman)
Mother– Rasilaben Mehta
Siblings Brother– Sudhir Mehta, Hitesh Mehta & Ashwin Mehta (Advocate)
Sister– None

What was Harshad Mehta Mistake?

Harshad Mehta’s biggest mistake was that he named the Prime Minister in the Rs 1 crore suitcase case. After that many agencies were behind him. Further, the Bear Cartel hired someone from the PR department of SBI to get all the inside news of Harshad Mehta and bring it to the fore. Apart from this indirectly Sucheta Dalal was made against Harshad Mehta.

In the end, everyone including the government and the Bear Cartel was against the same person Harshad Mehta. So this led to the downfall of the Big Bull.

Harshad Mehta Qualification

School Holy Cross Senior Secondary School, Raipur, Chhattisgarh
College/University Lala Lajpat Rai College of Commerce and Economics, Mumbai (1976)
Educational Qualification B.Com

Introduction to the Harshad Mehta Scam

The 1992 stock market scam is often referred to as the culprit who crashed the stock market: Harshad Shantilal Mehta. The scam involved the embezzlement of Rs 1,439 crore ($3 billion), which resulted in a huge loss of life savings of many investors and a huge loss of money, amounting to Rs 3542 crore ($7 billion). Harshad Mehta has also been implicated as a victim because of the alleged political nexus in which prominent government figures were involved. However, it is true that Mehta exploited loopholes for his personal gain, manipulated the market, and was involved in several banking frauds.

Highlights of Harshad Mehta Scam

The major instruments used in the big scam were stamp papers, bank receipts, ready futures deals and high-interest rates. Sucheta Dalal exposed Mehta’s crimes and appeared in a Times of India column in 1992, after taking a keen interest in his highly lavish lifestyle. Value-wise in 2019, the Harshad Mehta scam has cost around Rs. 250 billion from the banking system. The effects of the scam, although not directly sustained, still affect the mindset of conservative investors. Ketan Parekh, an associate who worked under Mehta, would later resume a similar offense in the stock market in 2008 and pleaded guilty to involvement in market manipulation in 1992.

Bank receipt fraud

Another instrument used extensively was the bank receipt. In a ready futures deal, the securities were not actually moved back and forth. Instead, the borrower, i.e. the seller of securities, gave a BR to the buyer of the securities. The BR acts as a receipt from the sales bank, and also promises that the buyer will receive the securities they have paid for at the end of the period.

After finding out, Mehta needed banks that could issue fake BRs, or BRs not backed by any government securities.

Once these fake BRs were issued, they were transferred to other banks, and the banks, in turn, gave money to Mehta, clearly believing that they were lending against government securities when in reality they were not. Was. He took the price of the ACC from ₹200 to ₹9,000. This was an increase of 4,400%. The stock markets were hot and the bulls went crazy. Since they had to book profits at the end, the day they sold was the day the market crashed.

Harshad Mehta Net Worth

Harshad and his brother Ashwin Mehta used to handle the business together. Harshad Mehta is no more in this world, and his brother is estimated to have a lot of wealth.

Name Harshad Mehta
Net Worth (2021) $475 Million
Net Worth In Indian Rupees 3542 Crore INR
Profession Indian stockbroker
Monthly Income And Salary 1.5 Million +
Yearly Income 18 Million +

Some Facts about Harshad Mehta

  • After completing his graduation in 1976, Harshad worked odd jobs for the next eight years. He became a cement contractor, sold hosiery, sorted diamonds, worked as an insurance clerk, and did many other sales-related jobs.
  • Born in a Gujarati Jain family, Harshad Mehta was a stockbroker who orchestrated the 1992 stock market scam, apparently, the biggest stock market scam ever in India.
  • Meanwhile, when Harshad was working as an insurance agent in the Bombay office of New India Assurance Company Limited (NIACL), he became interested in the stock market. In 1981, he left his job at NIACL and started working as a jobber (a person who brings clients to stock market brokers) for a stockbroker, Prasanna Pranjivandas, with whom he was involved in trading in the stock market. He considered himself his guru.
  • Harshad spent his early childhood years in Kandivali, Mumbai, where his father Shantilal ran a small textile business. Later, the Mehta family moved to Raipur in Chhattisgarh, where Harshad did his schooling, and then came back to Bombay (now Mumbai) for his graduation in 1973.
  • Harshad managed to take advantage of the loopholes in the system to convert large sums of money from the banking system to the stock market. But foreign banks and their chosen brokers were also playing with the system long before Harshad fell into the loophole.
  • Several cases are still pending against him when he died in Thane jail in the year 2001 due to a brief heart ailment. There were 28 cases registered against him. The market watchdog, the Securities and Exchange Board of India, had banned him for life from activities related to the stock market. because of his scams.
  • Harshad Mehta scam is the biggest scam in India’s stock market to date. The amount of the scam is estimated to be around Rs 4,000 crore (present value more than Rs 24,000 crore). The scam exposed various loopholes in the Indian banking system.
  • The CBI arrested Harshad Mehta in November 1992 along with his brothers, Sudhir and Ashwin, who were also involved in carrying out the scam. The CBI charged Harshad Mehta with 72 criminal cases and more than 600 criminal proceedings were registered against him by various banks and institutions.Harshad Mehta || Newssow.com
  • In 1992, the RBI constituted the Janakiraman Committee to investigate the matter. After a thorough investigation, the committee reported a scam of Rs 4025 crore. The reported amount, if put into perspective in 2020, would be Rs 24000 crore.
  • In September 1999, the High Court of Bombay convicted Harshad Mehta along with three others in the Rs 380.97 million Maruti Udyog Limited fraud case and sentenced him to 5 years imprisonment.

Faq

Where is the Harshad Mehta family now?

Harshad’s brother Ashwin Mehta earned a law degree in his mid-50s. And currently, he is practicing in the Mumbai High Court as well as the Supreme Court. To clear his brother’s name, he fought several court cases and paid around ₹1,700 crores to the banks. He was constituted as Harshad’s lawyer.

What is the net worth of the Harshad Mehta family?

This transaction caused a loss of about Rs 3500 to 4000 crore to the banking system. Due to this scam and this loss to the banks, the stock market collapsed badly.

What is Harshad Mehta’s full name?

Harshad Mehta’s full name is Harshad Shantilal Mehta.

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