Harshad Mehta Net Worth: $1-$5 million. Harshad Mehta is not an ordinary personality. He is a billionaire whose life made it to urging directors to make a movie on his life. The Sony Liv Originals scam 1992 is a movie based on Harshad Mehta’s life.
Harsha Mehta: Quick Overview
|Age||40 years old|
|Date of Birth||29th July 1974|
|Birth Place||Penile Moti|
|Estimated Net Worth||$1-$5 million|
Harshad Mehta Early Life
Harshad Mehta was born in Rajkot, India, on 29 July 1954. Known as The Big Bull of the Stock Market for his risk-taking appetite, he was a stockbroker and often called The Amitabh Bachchan of the Stock Market. As a result of the 1992 Indian Securities Scam, he was believed to be a market manipulator. Read on to know more about Harshad Mehta, Harshad Mehta Net Worth, and more.
Despite his Rajkot birth, Harshad Mehta spent his early years living in Mumbai before moving to Raipur. He attended Janta Public School in Bhilai. Studying was not his thing, and he loved cricket more. For further education and employment, he moved to Mumbai after schooling. He graduated from Lala Lajpatrai College with a degree in commerce. Among the jobs he has held are sorting diamonds, selling cement, etc. After he was employed as a jobber, he became interested in the stock market.
Together with his brother, he later founded Grow More Research and Asset Management in the late 1980s. Having acquired prominent investors within a short period, his firm grew rapidly, and he became India’s highest advance taxpayer. As soon as the market started growing, he began buying shares of undervalued companies on the stock market, believing they were undervalued
Big Bull of Dalal Street’
He was prominently known as Big Bull of Dalal Street before his scam in 1992. What fraud did Harshad Mehta commit? Harshad Mehta committed systematic fraud on the stock market of India in 1992. Due to this blunder, the securities market collapsed. By exploiting the various flaws and loopholes in the broking system, he diverted huge amounts from the banking channel to the stock market.
Ashar had used bank cash to buy stocks at the Bombay Stock Exchange, committing a fraudulent act of over 1 billion rupees. These transactions caused approximately 3500 to 4000 crores of losses for the banking system. This lead to a severe crash in the stock market resulted from this scam and this loss to the banks. This scam led to thousands of money losses for innocent investors, making it one of the biggest scams ever recorded.
How did Harshad Mehta make this much net worth?
As Harshad touched the stock, it became gold, and he became the philosopher’s stone. On the stock market, Harshad had a higher value than Kohinoor. Understanding Harshad Mehta’s secret means understanding his working style. The share price of ACC’s stock was 200 rupees when he acquired it, but within a short period, it reached 9 thousand rupees. Why did the country’s banking system open up? Why was the stock market blown away by his act? How did this information come to light?
The stock market kept touching highs, while Harshad Mehta’s growth was also impressive. During this time, the economy of the country was undergoing major changes. Investment from abroad and privatization increased. It was clear that the country was heading in the right direction. In the case of Mehta, as long as the stock market grew, his fire also grew, but one day the stock market collapsed. The money could not be returned to the banks, so Mehta went on to start a ‘Harshad Mehta scandal’.
Further, the blame game and exposing each other continued with this case. When the case got more juggled, an investigation was initiated by a joint parliamentary committee. CBI agents also arrested his brothers Ashwin and Sudhir. Over 600 civil cases and 72 criminal cases were filed against Harshad.
Following the event, something unprecedented in the country’s history happened. According to Mehta, he had bribed PM Narasimha Rao with one crore. There is no evidence to support the allegations made against Congress and Rao. This has never been proven. It cost Narasimha Rao a great deal since he was also accused of bribing JMM MPs during this period.
The end of Harshad Mehta
Mehta restarted his business after getting bail. The days seemed to be changing again. On December 31, 2001, he suffered a heart attack in jail after being arrested again. Twenty-seven cases remained unresolved.
In 1992, the RBI’s Janakiraman Committee estimated that the 1992 scam cost Rs 4025 crore. Among the most significant cases was the SBI fraud of 600 crores. He was popular amongst the public that whenever he appeared in court, they would gather to raise slogans in support of him.
Frequently Asked Questions (FAQs)
Is Harshad Mehta alive?
Harshad Mehta died on 31 December 2001. He is dead.
What is the reason for Harshad Mehta’s death?
He died of a heart attack.
How much Harshad Mehta’s fraud amount?
In 1992, the RBI’s Janakiraman Committee estimated that the 1992 scam cost Rs 4025 crore. Among the most significant cases was the SBI fraud of 600 crores.
What is the name of Harshad Mehta’s son?