Harshad Mehta: Family, Brother, Wife, Son, Allegations

Harshad Mehta

Harshad Mehta, also known as the Big Bull of Dalal Street, amassed a large number of assets with little or no investment. He was born near Rajkot, Gujarat, on July 29, 1954.

He was from a Jain family from Gujarat. He is the son of a Borivali textile industrialist.

He is best known for the Indian Securities Scam of 1992. We will learn about the details of the Indian stockbroker who excelled in the article.

The reason for his popularity is that he never invested a lot of money, Yet, made a lot out of it. The market manipulator, who found loopholes, connected and acquired his share in stock markets

There are many different perspectives about his 1992 con. According to the renowned economic times, Harshad Mehta’s actions did not violate any of the Indian Criminal Code’s laws. Rather, he took full advantage of the system’s flaws.

Let’s take a look at the well-known stockbroker.

Harshad Shantilal Mehta is a modern-day opportunist. He arrived to Mumbai, the land of opportunity, with no intention of becoming a great businessman.

He desired a little more from his basic life. Life isn’t the same anymore, is it? Is it? No.

He wanted to do more, so he was exposed to the stock market one day. He followed the advisor without much understanding, learnt on his own, and rose from the ashes to become India’s finest stockbroker.

Recommended: India’s Money Market

Harshad Mehta Family

Harshad Mehta Brother

Aswin Mehta is Harshad’s younger brother. Despite his brother’s stock forecasts, he went into law. Ashwin Mehta is now a well-known Supreme Court and Mumbai High Court lawyer.

He is reputed to have handled numerous cases and paid Rs. 1,700 crores to have his accused brother’s identity cleared. Ashwin was a close friend of Harshad’s and a shareholder in his company.

Although the case against Harshad Mehta was dropped after his death in 2001, another special court continued to fight SBI until 2018.

Harshad Mehta’s Son

Artur Mehta is Harshad Mehta’s son, and he does not have a social media presence.

However, according to some reports, he owns 21% of the BSE-listed Square Deal Filaments. However, there is no supporting evidence in the BSE or on the Internet.

Harshad Mehta’s Wife

Fearless like her husband, Jyoti Mehta fought the legal battle till 2008. She also won a legal struggle against Kishore Janani and Federal Bank, according to reports.

They were accused of owing Harshad Mehta a flat sum of 6 crores plus 18% interest. As a result, the entire amount exceeds 500 crores.

Harshad Mehta Education

Harshad Mehta finished his education at Bhilai’s Janta Public School. He was a die-hard cricket fan. He was a good or bright student at school.

He moved to Mumbai after finishing his education at Bhilai. In 1976, he graduated from Lala Lajpatrai College with a B.Com degree and began hunting for work. During the next eight years, he worked odd jobs for little pay.

Harshad Mehta Work And Lifestyle

Harshad Mehta had low beginnings, which prompted him to seek employment in Mumbai. He began his career as a salesman for cement, hosiery, and even diamond assembly and sorting shops.

His persuasive sales talents helped him advance as a salesperson in every company where he worked. He was hired at the New India Assurance Company Limited after this training and upgrade.

His ability to sell products was primarily based on the way he spoke to and manipulated his consumers. This gave him a lot of money and profit to the firms he worked for.

He had also learnt about stock market investing at this time, and his enthusiasm prompted him to leave sales and join a brokerage firm.

He started out as a low-level employee at Harjivandas Nermidas Securities. Harshad Mehta’s guru was Prasann Pranjivdas, the principal broker, who introduced him to the stock market with his knowledge and guidance.

Harshad Mehta – Early Years at Stock Market

He moved between brokerage businesses in the 1980s, acquiring and developing new skill sets with each.

He was already a well-known character on Dalal Street in the Indian Stock market by 1990. He was even dubbed the Big-B of the Stock Market by Business Today.

Harshad Mehta began trading in 1986 and over the next four years earned the faith and respect of those who worked for him.

As a result, he began to receive significant investments, and many people sought his services. The Associated Cement Company (ACC) was where he put the majority of his money.)

Due to a tremendous wave of buying from brokers, including Harshad Mehta, the price of ACC stocks rose from INR 200 to INR 9000.

Mehta claimed the ACC stock was cheap and that the market was simply correcting itself.

He frequently mentioned the Replacement Cost Theory to support his theory. His bold investment landed him more titles and media attention.

Some called him the Roaring Bull, while others referred to him as The Great Bull. His appearance in Business Today Magazine is the most notable of these.

Harshad Mehta Lifestyle

He has amassed a lot as the son of a little textile businessman. In the Worli district, he owned a 15,000 square foot penthouse.

A mini-golf course and a swimming pool were included in his apartment. A really showy way of living.

He had a Toyota Corolla, a Lexus LS400, and a Toyota Sera in his collection. Even in India’s wealthiest families, these car collections remained uncommon.

Harshad Mehta Case

Harshad Mehta was a well-known stockbroker in India who was convicted of a number of financial offenses. He was the brains of the Bombay Stock Exchange fraud in 1992.

On the stock market, he was a leading bull. When he was detained by Indian police in a securities scheme, the Mumbai Crash occurred. The accident occurred several months after his incarceration.

According to the claims, he and a group of brokers used monies borrowed from other brokers to artificially boost the value of equities listed on the Bombay Stock Exchange.

The hoax peaked on March 17, 1992. The Securities Scam, as it became known, was widely regarded as the largest stock market fraud in Indian history.

It was also a pivotal moment in Indian economic history because it contributed to the demise of a central government.

Banks were prohibited from trading or investing in stocks. Instead, they used to invest solely in government-issued bonds. Banks, on the other hand, needed excellent commercial earnings now more than ever.

As it turned out, Mehta exploited a flaw by approaching them with an offer they couldn’t refuse.

He promised them greater interest rates on those accounts if they put money into his personal account, ostensibly so that he could buy stock at the same time.

As a result, he ended up buying stocks like ACC, which had been steadily gaining until it suddenly took off, rising 200/share and all the way to 9,000/share in only three months!

Harshad Mehta Death

Harshad Mehta was 47 years old when he died. He died of cardiac problems. Mehta had complained of chest trouble and was sent to Thane Civil Hospital, where he died.

Mehta committed suicide, according to a few police investigations.

Mehta passed away on December 31, 2001, in Mumbai.

Allegations On Harshad Mehta

The authorities later filed a criminal complaint alleging that Mehta and his team carried out a much larger scheme that resulted in the manipulation of the Bombay Stock Exchange’s rise. The scheme was reportedly funded by purportedly guaranteed bank receipts, which were bank receipts for short-term banking used to bank loans known as ready forward transactions that Mehta’s firm arranged.

For supposedly initiating the stock market bull run in the second half of 1991, Mehta acquired the moniker Big Bull. Ketan Parekh, who eventually became implicated in his recurrent scam, was one of the people who worked with him.

According to the New York Times, Mehta was gathering fraudulent bank receipts from other institutions in the belief that they were loan him money. This money was invested in stocks, which were then sold for a profit following the stock market rally.

In 1992, Mehta was arrested and charged with over 70 criminal offenses involving bribery, fraud, forgery, and other alleged offences. In addition, he was charged with over 600 civil claims. At the age of 48, he died in 2001 with 27 cases still outstanding.

In addition to the BSE issue, Mehta claimed that he paid Prime Minister Narasimha Rao 1 million rupees as a political donation in exchange for his rescue. Following Mehta’s death, the Hindu Business Line published an article.

Harshad Mehta – Biography 

Full Name Harshad Shantilal Mehta
Date of Birth  29th July 1954
Place of Birth  Paneli Moti, Rajkot, Gujarat
Died  31 December 2001
Occupation  Stockbroker, Businessman
Infamous For  Securities Scam of 1992
Spouse  Jyoti Mehta
Children  1 – Atur Mehta

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