Harshad Mehta Wiki: Harshad Mehta was an Indian stockbroker and businessman who was born on July 29, 1954, in Rajkot, Gujarat, India. He is famously known for his involvement in the Indian securities scam of 1992. He completed his studies in Commerce from Lajpatrai College, Mumbai. In 1984, Harshad Mehta started his career in the stock market as a salesperson for the stockbroking firm, Nandalal Sheth & Company.
He quickly climbed up the ladder to become a sub-broker and later a broker for the same firm. He later founded his own stockbroking firm, Growmore Research and Asset Management. Harshad Mehta is known for his involvement in manipulating the Bombay Stock Exchange (BSE) through the use of loopholes in the banking system.
The scam involved the use of bank receipts and was eventually exposed, leading to Harshad Mehta’s arrest and subsequent imprisonment. He was charged with 72 criminal offenses and was sentenced to five years of imprisonment. Harshad Mehta passed away on December 31, 2001, due to a heart attack while he was still in prison.
Harshad Mehta Wiki Biography
Harshad Mehta was known as the “Big Bull” of the Indian stock market. He was a well-known stockbroker who rose to fame in the 1980s and early 1990s for his huge investments in the stock market. However, his success was short-lived, and he was later embroiled in a major financial scandal that shook the Indian financial system. The scam, which involved the manipulation of stock prices, resulted in losses of billions of rupees to investors and led to the collapse of several banks and financial institutions.
Harshad Mehta was born on July 29, 1954, in Rajkot, Gujarat. He completed his schooling from a local school and later graduated from Lajpatrai College in Mumbai. After graduation, he started working as a salesman for a company that sold steel tubes. However, he was not satisfied with his job and soon started trading in stocks.
In the early 1980s, Harshad Mehta entered the stock market and quickly made a name for himself with his bold investments and aggressive trading strategies. He was known for his ability to manipulate stock prices and was often referred to as the “Big Bull” of the stock market.
At the peak of his career, Harshad Mehta was one of the richest men in India and was known for his lavish lifestyle. He owned several properties, including a luxurious apartment in Mumbai’s Worli area, and was often seen driving expensive cars.
However, his success was short-lived, and in 1992, he was arrested for his involvement in a major financial scam. He was accused of using fraudulent means to manipulate stock prices and was charged with several financial crimes. The scam led to a major financial crisis in India, and several banks and financial institutions collapsed as a result.
Harshad Mehta died in 2001 at the age of 47 while he was serving his prison sentence. Despite his involvement in the scam, he remains a controversial figure in the Indian financial system, with many people seeing him as a victim of circumstances.
Harshad Mehta Wiki Biography Details
|Full name||Harshad Shantilal Mehta|
|Nick Name||The Big Bull, Amitabh Bachchan of Stock Market|
|Famous for||Stock market scam of more than 4000 crores in 1992|
|Date of birth||29-Jul-54|
|Birthplace||Paneli Moti, Rajkot District, Gujarat|
|Date of death||31-Dec-01|
|Age at death||47 years|
|Death cause||(Heart Ailment)|
|Place of death||Thane Civil Hospital|
|School||Holy Cross Senior Secondary School, Rajpur Chhattisgarh|
|College/University||Lala Lajpat Rai College of Commerce and Economics, Mumbai|
Harshad Mehta Birth And Education
Harshad Mehta was born on July 29, 1954, in Rajkot, Gujarat, India. His father Shantilal Mehta was a small businessman and Harshad was the eldest among his siblings. Mehta’s family later moved to Mumbai, where he completed his schooling from a municipal school in Mahim, Mumbai.
After completing his schooling, Mehta enrolled in Lala Lajpat Rai College in Mumbai to pursue a degree in Commerce. However, he dropped out of college after his second year to work as a salesperson at the New India Assurance Company. Despite not completing his college education, Mehta was known for his sharp business acumen and financial knowledge.
|Siblings||Three brothers * Ashwin Mehta * Hitesh Mehta * Sudhir Mehta|
Harshad Mehta’s Physical Appearance (Look)
Career of Harshad Mehta
Harshad Mehta started his career as a stockbroker in the late 1970s, working for a small brokerage firm. He later joined a larger brokerage firm, where he worked his way up to become a senior partner. Mehta’s success as a broker came from his ability to identify stocks that were undervalued and then buy them in large quantities, driving up their prices.
In the late 1980s, Mehta and his firm began to engage in a type of stock market manipulation known as “circular trading.” This involved buying shares in a company, then selling those same shares to another party at a higher price with the help of bank loans, and then buying them back again at an even higher price. This artificially inflated the price of the shares and allowed Mehta to make huge profits.
Mehta’s manipulation of the stock market came to light in 1992 when the Reserve Bank of India discovered that several banks had issued fake bank receipts to Mehta’s firm, allowing it to obtain large loans. This revelation led to a run on the stock market, and the Bombay Stock Exchange was forced to close temporarily.
Mehta was arrested and charged with numerous financial crimes, including fraud and bribery. He spent several years in jail and was released on parole in 1999. Mehta died of a heart attack in 2001 while awaiting trial in another case. Despite his criminal activities, Mehta is still regarded by some as a financial genius and a pioneer of the Indian stock market.
Harshad Mehta Interesting Facts
Here are some interesting facts about Harshad Mehta:
- Harshad Mehta was known as the “Big Bull” and was one of the most influential stockbrokers in India in the 1990s.
- Mehta started his career as a sales clerk in the Bombay Stock Exchange (BSE) and worked his way up to become one of the most successful stockbrokers in India.
- His biggest success came in 1992 when he led a bull run in the stock market that saw the BSE’s Sensex index rise from 1,000 to 4,000 points in just three months.
- Mehta’s fall from grace was equally dramatic, as he was charged with multiple counts of financial fraud and was arrested in 1992. He died in 2001, while serving a prison sentence.
- Mehta’s rise and fall inspired several books, movies, and TV shows, including the popular web series “Scam 1992: The Harshad Mehta Story” based on the book “The Scam” by Debashish Basu and Sucheta Dalal.
- Mehta was known for his flamboyant lifestyle and was often seen wearing expensive watches and driving luxury cars. He was also a big fan of horse racing and owned several racehorses.
- Mehta was a self-taught stockbroker and learned the ropes of the trade by reading books and watching the stock market closely.
- Mehta’s scam is considered one of the biggest financial frauds in Indian history, and its impact was felt for years after his downfall. It led to the formation of regulatory bodies like the Securities and Exchange Board of India (SEBI) to prevent similar frauds in the future.
Harshad Mehta Movies and Web Series
Several movies and web series have been made based on the life and events surrounding Harshad Mehta, including:
- “Guru” (2007) – A Bollywood movie loosely based on the life of Harshad Mehta, starring Abhishek Bachchan in the lead role.
- “Scam 1992: The Harshad Mehta Story” (2020) – A Hindi-language web series directed by Hansal Mehta, based on the book “The Scam: Who Won, Who Lost, Who Got Away” by journalist Sucheta Dalal. The show stars Pratik Gandhi as Harshad Mehta and received critical acclaim.
- “The Big Bull” (2021) – A Bollywood movie loosely based on the life of Harshad Mehta, starring Abhishek Bachchan in the lead role. The movie received mixed reviews.
Harshad Mehta Socail Accounts
As Harshad Mehta passed away in 2001, he did not have any social media accounts. During his lifetime, social media was not as prevalent as it is today, and it was not common for individuals to have personal social media accounts.