Harshad Mehta Age, Death, Wife, Children, Family, Biography & More
|Names Earned||The Big Bull & The Amitabh Bachchan of Stock Market|
|Full Name||Harshad Shantilal Mehta|
|Famous For ||Masterminding the 1992 Stock Market Scam of over INR 4000 crore rupees
|Birthplace||Paneli Moti, Rajkot District, Gujarat
|Date of Birth||29 July 1954 (Thursday)
|Age (at the time of death)||47 Years
|Place of Death||Thane Civil Hospital, Mumbai
|Date of Death||31 December 2001 (Monday)
|Death Cause||Heart Ailment|
|Hometown||Paneli Moti, Rajkot District, Gujarat
|School||Holy Cross Senior Secondary School, Raipur, Chhattisgarh
|College/University||Lala Lajpat Rai College of Commerce and Economics, Mumbai (1976)
|Relationships & More|
|Marital Status (at the time of death)||Married
|Children||Son- Atur Mehta
|Parents||Father- Shantilal Mehta (Businessman)
Mother- Rasilaben Mehta
|Siblings||Brother- Sudhir Mehta, Hitesh Mehta & Ashwin Mehta (Advocate)
Facts About Harshad Mehta
Harshad Mehta was a fan of cricket in his childhood.
Harshad Mehta had 40 rupees in his pocket when he returned to Mumbai in 1973. He got up from his clothes and made a fortune worth hundreds of millions of rupees.
Born into a Gujarati Jain family, Harshad Mehta was a stockbroker who carried out the 1992 stock market scam, which was apparently the biggest stock market scam in Indian history.
Harshad spent his early childhood years at Kandivali in Mumbai, where his father Chantiel ran a small textile business. Later, Mehta’s family moved to Raipur from Chhattisgarh, where Harshad did his studies, and then returned to Bombay (now Mumbai) for his graduation in 1973.
After graduating in 1976, Harshad worked odd jobs over the next eight years. He became a cement contractor, sold socks, graded diamonds, worked as an insurance clerk, and did many other sales-related jobs.
Meanwhile, while Harshad was working as an insurance agent in the Bombay office of New India Insurance Company Limited (NIACL), he became interested in the stock market. In 1981, he quit his job at NIACL and began working as a broker (a person who brings clients to stockbrokers) for a stockbroker, Prasan Pranjivandas, whom he considered his mentor in the stock market.
Finally, in 1984, Harshad Mehta became a member of the Bombay Stock Exchange (BSE) and set up his own stockbroking company under the name “GrowMore Research and Asset Management”.
Harshad’s approach to doing business was simple. Secretly, this will move a huge amount of money from government stock markets for a short period of time and then invest that money in some selected stock. The amount you invested in buying the shares was so high that the price of that stock would go up exponentially and then come back when you sell those shares.
When the price of particular security went up, people got excited and invested in that security, causing the stock to go up. Since then, Harshad Mehta has been slowly liquidating his shares, paying the transferred money to the banks, and pocketing the huge spread caused by rising stock prices.
Harshad took advantage of the loopholes in the banking system and continued this practice on an incredible scale. Within a year, he had raised the Sensex, that is, the index of the Bombay Stock Exchange from 1000 to 4500.
Invest in different companies such as Apollo Tires, Reliance, Tata Iron and Steel, BPL, Videocon, ACC. It manipulated the shares of ACC Cement and brought its share price from Rs 200 to Rs 9,000 (4,500 percent increase) in just three months.
Harshad’s business has seen a spike. By the end of 1991, he had reached such fame that the media started referring to him as “Big Bull” and “Amitabh Bachchan of Stock Market”.
His lifestyle included a 15,000 sq ft beachfront penthouse apartment in Worli, Mumbai with mini-golf and indoor pool. Besides, he owned a fleet of luxury cars and was riding a Toyota Lexus worth Rs. 40 lakh. In general, he was living a luxurious life that people could only dream of.
All went well for Harshad until journalist, Suchita Dalal was impressed with his lavish lifestyle. In addition, he investigated the sources for which Harshad Mehta amassed fortunes worth 1 billion rupees in such a short time. Finally, on April 23, 1992, the untold truth behind Harshad’s practice of stock manipulation was revealed by Suchita Dalal, who published an article in Times of India explaining exactly how Harshad performed, Rs 500 million. State Bank of India Treasury Financial Fraud.
The following year, in 1993, Suchita Dalal also published a book called “Deception: Who Gained, Who Loses, Who Walked Away” with Depachis Basu. The book is based on deception.
When the Harshad scandal was discovered, the banks, from which he borrowed money, began to demand his money and the shareholders began to sell their shares. This caused a massive stock market crash, wiping out trillions of investor wealth in less than two months.
The CBI arrested Harshad Mehta in November 1992 along with his two brothers Sudhir and Ashwin, who were also involved in the scam. The Central Bank of Iraq has charged Harshad Mehta with 72 crimes and several banks and institutions have filed more than 600 criminal cases against him.
Harshad, who appointed the famous veteran lawyer Ram Jethmalani to hear his case, was released on bail by the Bombay High Court after spending three months in prison.
After his release from prison, Harshad held a press conference in which he claimed that he had paid INR 1 crore as a bribe to then Prime Minister Narasimha Rao to remove him from the case. But the Indian National Congress denied the accusations made by Harshad Mehta. Moreover, no evidence was found against Narasimha Rao to prove that he accepted the bribe.
In 1992, the Reserve Bank of India formed the Janakraman Commission to investigate the matter. After a thorough investigation, the commission reported a scam amounting to Rs 4,025 crore. The reported amount, if put into perspective in 2020, will be INR 24,000 crore.
In September 1999, the Bombay High Court found Harshad Mehta, along with three other individuals, guilty of fraud of Maruti Udyog Limited Rs 380.97 million and sentenced him to 5 years imprisonment.
Harshad Mehta was serving his sentence in Thane prison when he complained of chest pain and was taken to Thane Civil Hospital. On December 31, 2001, Harshad Mehta died of heart disease in hospital.
Since the scam came to light, many movies and electronic series inspired by Harshad Mehta’s life have been released. In 2020, a Hindi language web series, “Deception 1992 – The Harshad Mehta Story”, based on Harshad’s life, was released on Sony LIV.
Another movie will be released soon, ‘The Big Bull’ starring Abhishek Bachchan, based on Harshad Mehta’s life and the 1992 Indian stock market scam.
Films & Book Adaption
The Scam: Who Won, Who Lost, Who Got Away (1993)
The Scam: From Harshad Mehta to Ketan Parekh (2001)
Scam 1992: The Harshad Mehta Story. It is a very popular web series, which can be streamed on Sony LIV and is based on his life.
The scandal has also been portrayed in various films by characters such as Natwar Shah in “Ankhein (1993)”.
It is also said that the 2006 Hindi drama film ‘Gafla‘ was inspired by the life of Harshad Mehta.