Moneycontrol PRO
Loans
HomeNewsHarshad mehta

Harshad Mehta

Known as the ‘Big Bull of Dalal Street’, Harshad Mehta, was an Indian stockbroker who became infamous for his role in the 1992 Indian Securities Scam. Involving a fraud of around Rs 4,000 crore, the ‘Securities Scam’, as it came to be known, shook the country and ultimately changed the rules of the game on Dalal Street. It is still one of the biggest frauds perpetrated on the Indian stock market to date. Mehta, a registered and well-known broker, manipulated the Bombay Stock Exchange (BSE) along with his partners by taking advantage of loopholes in the banking system. This systematic fraud that involved bank receipts (BR) and stamp papers eventually led the stock market to crash. When Mehta’s mode of operation in the stock market was eventually exposed, banks realised that they were in possession of fake BRs that ultimately held no value. One after the other all his ways were exposed and on June 4 1992, the CBI carried out a search on the Mehtas. His tax return for the assessment year of 1992-93 was rejected and he was imprisoned later that year. What followed for the next few years was multiple court cases and hearings. In 2001, Mehta died of a sudden heart attack in police custody. His family to date is fighting the many charges that were levelled against him. His life has been adapted into a web series called ‘Scam 1992: The Harshad Mehta Story’. More

Jump to
  • Are markets in bubble valuation territory?

    Industrialist Harsh Goenka caused a mini flutter when he alleged share price manipulation by promoters in collusion with brokers. Is there merit in his allegations?

  • Curse of the magazine cover hits Sam Bankman-Fried

    Curse of the magazine cover hits Sam Bankman-Fried

    Sam Bankman-Fried isn’t the only celebrity tycoon who’s found out that the covers of business magazines are the slippery slopes to doom.

  • Harshad Mehta’s widow unveils website, looks to clear the air

    Harshad Mehta’s widow unveils website, looks to clear the air

    A screaming headline greets visitors to the website harshadmehta.in, and what follows is a long, detailed defence of her husband by Jyoti Mehta.

  • The Chitra Ramkrishna case is a poor reflection on the Indian financial system

    The Chitra Ramkrishna case is a poor reflection on the Indian financial system

    Market regulator SEBI looks the other way till it is forced to correct the wrongs but does little more than deliver a rap on the knuckles. There is no disincentive for committing the same mistake again

  • Financial markets: Small, incremental changes won't cut it anymore

    Financial markets: Small, incremental changes won't cut it anymore

    The advent of new technologies, new products, new set of investors, new methods of valuations and different risk profiles perhaps require a fresh approach to the financial markets regulatory framework.

  • The Market Podcast: Overleveraging led to fall of Harshad Mehta; 5 trading rules to cut 90% of losses: Umesh Mehta of Samco Group

    The Market Podcast: Overleveraging led to fall of Harshad Mehta; 5 trading rules to cut 90% of losses: Umesh Mehta of Samco Group

    If you are a new-age investor who joined D-Street in 2020, Umesh Mehta of Samco Group has few ruled which one should consider while trading, he elaborated on them in the Market Podcast with Moneycontrol.

  • Abhishek Bachchan on 'The Big Bull': So many protagonists in Hindi cinema these days are grey characters

    Abhishek Bachchan on 'The Big Bull': So many protagonists in Hindi cinema these days are grey characters

    Actor Abhishek Bachchan on making 'The Big Bull' for theatres and releasing it on OTT, playing Hemant Shah, growing as an actor and 'The Big Bull' Vs 'Scam 92' comparison

  • Big Bull, Big B and the big double-breasted suit

    Big Bull, Big B and the big double-breasted suit

    The series on Harshad Mehta’s life has reacquainted us with a 90s staple – boxy double-breasted suits.

  • Harshad Mehta is a part of my growing up years: ‘Scam 1992’ director Hansal Mehta

    Harshad Mehta is a part of my growing up years: ‘Scam 1992’ director Hansal Mehta

    National award-winning director Hansal Mehta on the making of the popular show, the anonymous old-timers who helped him and his team, the refreshing casting strategy, and more. 

  • A ‘Bull’ish chat with Pratik Gandhi, the actor who brought stock market scamster Harshad Mehta to life

    A ‘Bull’ish chat with Pratik Gandhi, the actor who brought stock market scamster Harshad Mehta to life

    The Surat boy had been a struggling actor in Mumbai for long but with a breakout performance as the protagonist in 'Scam 1992: The Harshad Mehta Story', Pratik Gandhi has emerged as an artiste to watch out for.

  • Evolution of the stock market since the Harshad Mehta scam in 1992

    Evolution of the stock market since the Harshad Mehta scam in 1992

    No Harshad Mehta or Ketan Parekh can do any “dhamaka” and walk away hands-free anymore. Investor protection is a continuous effort and SEBI will continue to play an important role.

  • Scam 1992 The Harshad Mehta Story review | Sony Liv web series captures the years that reshaped Dalal Street

    Scam 1992 The Harshad Mehta Story review | Sony Liv web series captures the years that reshaped Dalal Street

    The instantly-likeable hero in Scam 1992: The Harshad Mehta Story does not help. I have to remind myself that the greed of this man ruined many lives.

  • Can Harshad Mehta-type scam happen again?

    Can Harshad Mehta-type scam happen again?

    SEBI has often displayed energetic initiative and used some sophisticated means. Yet, one often gets the impression that it is the amateurs who have got caught—the sophisticated ones evade the net

  • Harshad Mehta scam in 1992 ushered regulatory regime in Indian capital market

    Harshad Mehta scam in 1992 ushered regulatory regime in Indian capital market

    In the year 2020-21, so far 36 cases have been penalised under insider trading which is the largest as compared to any of the previous years. Further, there are fears that COVID 19 and liquidity issues can give rise to the falsification of accounts.

  • A look at the five famous scams in the history of Indian markets

    A look at the five famous scams in the history of Indian markets

    Almost all major scams impact the stock markets since they drive down investor sentiment. Market expert Harsh Jain, Co-founder and COO, Groww, listed out some of the famous scams in the history of Indian stock markets.

  • Harshad Mehta scam: How the investment ecosystem has changed since 1992

    Harshad Mehta scam: How the investment ecosystem has changed since 1992

    The government decided to set up an agency or regulatory body known as the Securities Exchange Board of India in April 1992 to regulate the capital market and to protect the retail investors

  • The Harshad Mehta scam was in debt market and even some stock brokers were involved: Dipan Mehta

    The Harshad Mehta scam was in debt market and even some stock brokers were involved: Dipan Mehta

    There was collateral damage across all scrips, even blue-chip ones, which were not on Harshad Mehta’s buy list, Mehta added

  • Market crash post Harshad Mehta scam teaches us to value valuations: G Chokkalingam

    Market crash post Harshad Mehta scam teaches us to value valuations: G Chokkalingam

    Never invest borrowed money in stocks; and stay for the long-term, but if valuations hit bubble zone don’t hesitate to book profits and exit

  • Top 5 famous scams in Indian stock markets’ history in last 3 decades

    Top 5 famous scams in Indian stock markets’ history in last 3 decades

    As SEBI and other regulatory bodies try their best to keep such scammers and fraudsters at bay, we hope that soon such scams become a thing of the past.

  • Harshad Mehta scam: 10 key points of the scam that jolted India in 1992

    Harshad Mehta scam: 10 key points of the scam that jolted India in 1992

    How did the ‘Big Bull’ manage to script a scam to the tune of Rs 4,000 crore? What made banks lend him huge sums of money? How did he put the stock market on steroids and take it on a dizzying ride, lifting some stocks by more than 4,000%? And how did it all end? Read on to find out

  • Harshad Mehta was seen like a hero; now thousand crore scams happen every six months or a year, but they go unnoticed: Vijay Kedia of Kedia Securities

    Harshad Mehta was seen like a hero; now thousand crore scams happen every six months or a year, but they go unnoticed: Vijay Kedia of Kedia Securities

    The scam was severe, and it left a permanent scar on the capital market, said Vijay Kedia

  • Scam 1992 The Harshad Mehta Story: Release date, cast, where to watch

    Scam 1992 The Harshad Mehta Story: Release date, cast, where to watch

    Scam 1992 is set to chronicle Mehta who was popularly known as the ‘Amitabh Bachchan of Stock Market’ and his systemic bank fraud that had shook the country and changed the rules of the game on Dalal Street.

  • Boards should not mindlessly support CEOs: Ex-SEBI chief Damodaran

    Boards should not mindlessly support CEOs: Ex-SEBI chief Damodaran

    There are boards in and outside India that do not understand their role, says former SEBI chief M Damodaran.

  • SBI fraud: 8 bank officials, Harshad Mehta's brother acquitted

    SBI fraud: 8 bank officials, Harshad Mehta's brother acquitted

    Justice Shalini Phansalkar Joshi, who presides over the special court set up for cases related to the 1992 securities scam, said in her judgement last week that there was no hesitation in holding that that the prosecution had failed to prove the case beyond reasonable doubt.

  • SAT sets aside Sebi's Rs 1 cr fine on Apollo Tyres

    SAT sets aside Sebi's Rs 1 cr fine on Apollo Tyres

    The Securities Appellate Tribunal has set aside the over Rs 1 crore penalty imposed by Sebi on Apollo Tyres with respect to buyback of shares and has directed the regulator to pass a fresh order.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347