Harshad Mehta Wiki, Age, Wife, Children, Family, Biography and More – WikiBio
Harshad Mehta is a notorious Mumbai stockbroker who fraudulently withdraws funds from banks and uses them to artificially manipulate the price of stocks on the Bombay Stock Exchange (BSE). He exploited loopholes in India’s banking system and stock market to carry out what is still considered to be the biggest securities scandal in India’s history. Harshad Mehta securities scam worth Rs. Rs 4,000 crore is equivalent to Rs. 240 million in 2020. Harshad Mehta was convicted and jailed in 1998 before dying of a heart attack in 2001.
Wiki/Biography
Harshad Mehta was born on Thursday 29 July 1954 (47 years old at the time of death) at Paneli Moti in Rajkot, Gujarat. He spent his childhood in Kandivali, Mumbai, where his father used to run a small textile business. Later, his family moved to Raipur in Chhattisgarh, where Hassad completed his studies. In 1976, he returned to Mumbai and graduated from B.Com at Lala Lajpat Rai College.
family and caste
Harshad Mehta was born into a middle-class Gujarati Jain family.
parents and siblings
His father, Shantilal Mehta, ran a small textile business, while his mother, Rasilaben Mehta, was a housewife. He has three siblings – Sudhir Mehta, Hitesh Mehta and Ashwin Mehta. Harshad’s brother Ashwin Mehta is also a stockbroker for Harshad’s company. Ashwin earned his law degree at age 50 and then fought all pending cases on his own.
Relationships, Wife and Children
Harshad Mehta married Jyoti Mehta. Harshad has a son, Atur Mehta. While you can see various family portraits of Harshad Mehta, there are no pictures of his son as he has never been in the limelight.
Profession
In addition to studying B.Com at Lala Lajpatrai College, Mumbai, Mehta has held several odd jobs, usually related to selling cement, sorting diamonds, etc. He also worked as a salesman at New India Insurance Company Limited. During this time, he developed a keen interest in the stock market, so much so that in 1980 he quit his current job and started working for P. Ambalal, a stockbroker affiliated with the Bombay Stock Exchange (BSE). After a year there, he joined the brokerage firm Harjivandas Nemidas Securities as a junior clerk in 1981. It was at this company that he met the agent Prasann Pranjivandas, whom he regarded as his “guru”. After accumulating enough knowledge about the operation of the stock market, Harshad started his own stock brokerage firm called “GrowMore Research and Asset Management” in 1984. By 1990, Harshad had created an atmosphere that inspired many to invest in his company and take advantage of his services. He quickly went from self-made to rich and earned hundreds of crores through his actions. His profile was greatly boosted by the media, earning him several nicknames such as “Amitabh-Jan of the stock market” and “The Big Bull.” He owned a 15,000-square-foot penthouse in Worli, Mumbai, and he also owned a collection of luxury cars, including an imported Toyota Lexus worth Rs 4 million at the time.
1992 Securities Scam and Exposure
scam: Banks were not allowed to invest in the stock market until the early 1990s. Hassad, who has ties to senior bank officials, offered the bank a higher interest rate to transfer the money directly into his personal account. The bank also issued fake bank receipts (BR) in his name. After deftly withdrawing his money from the bank, he invested his huge sums in a select number of stocks, boosting their prices. This will attract other investors to invest in these particular stocks as well, which will make those stocks more expensive. After the stock price skyrocketed, he anonymously sold his shares for a huge profit. For example, in 1991, Harshad invested in shares of Associated Cement Company (ACC) and took its share price out of rupees. 200 rupees. 9,000 (4,500%) in just three months.
exposure: Many are skeptical of Hassad’s extravagant lifestyle. However, journalist Sucheta Dalal went one step ahead of the others, investigating the source of Harshad’s incredible wealth in a short period of time. Finally, on April 23, 1992, the Harshad Mehta scam began to fall apart as, in a Times of India op-ed, Sucheta exposed the story of Mehta’s use of unethical methods to manipulate stock prices. She revealed how Harshad Mehta scammed rupees. Get $5 billion from State Bank of India by making SGL receipts disappear.
The impact of the scam
in the stock market
The 1992 scam had a huge impact on the country’s capital markets and banking system. The Sensex, which stood at 4,467 in January 1992, suddenly plummeted to 2,529 in August as the scam was revealed. It wiped off more than Rs. 1,00,000 crore from the money market.
About the banking system
After the scam came to light, the bank was left with an invalid BR and up to Rs. Loss of 40 million. It also contributed to the suicide of Mr. BB Shetty, the former chairman of Vijaya Bank, who reportedly wrote false cheques to Harshad Mehta.
On the Political Environment
After the scam came to light, a number of politicians were targeted, including brokers such as Reserve Bank of India Governor S. Venkitaramanan, Pallav Sheth, Ajay Kayan, and industrialists such as Aditya Birla. The political environment also heated up when Harshad Mehta gave a press conference, claiming to have paid Rs. Paid Rs 1 crore to the then incumbent Prime Minister of India PV Narasimha Rao to extricate himself from the scam.
Arrest, Conviction and Sentencing
In November 1992, Harshad Mehta was arrested by the CBI and charged with 72 criminal offences and more than 600 criminal proceedings by various financial institutions and banks. He hired prominent lawyer Ram Jethmalani and was released on bail three months later.
In 1999, Harshad Mehta was again convicted by the Bombay High Court in Maruti Udyog Scam and sentenced to 5 years in prison.
die
While serving five years in prison, Mehta complained of chest pains and was taken to a civilian hospital in Mumbai, where he died on December 31, 2001, of a heart attack.
film and book adaptations
books
- The Scam: Who Wins, Who Loses, and Who’s Gone (1993)
- Scam: From Harshad Mehta to Ketan Parekh (2001)
Movie
- Scam 1992: Harshad Mehta’s Story is a very popular web series that is available on SonyLIV and is based on his life.
- The scandal alsoAncain (1993). “
- 2006 Indian Hindi crime dramaGafra” It is also said to be inspired by the life of Harshad Mehta.
Facts/trivia
- Harshad Mehta was a cricket enthusiast as a child.
- In 1973, Harshad Mehta returned to Mumbai with 40 rupees in his pocket. He started from scratch and amassed a fortune worth billions of rupees.
- Even after being banned from the stock market, Harshad made a comeback in 1998 as a “stock market guru” by launching his own website, harshadmehta.com, to share his stock market analysis and investing tips.
- Sucheta Dalal, the journalist who exposed the Harshad Mehta hoax, was honored as Padma Shri in the press in 2006.
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