Based on the life of stockbroker Harshad Mehta, Scam 1992-The Harshad Mehta Story has been directed by the acclaimed filmmaker Hansal Mehta. The web series is based on journalist Debashis Basu and Sucheta Dalal's book titled The Scam: Who Won, who Lost, who Got Away.
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.
Scam 1992 release date and time:
Scam 1992 is set to premiere on Sony Liv on October 9, 2020. The makers revealed the release date for Scam 1992 along with its teaser on September 27, 2020. However, makers have not disclosed the official time of the web show's premiere.
Scam 1992's cast:
The ensemble cast includes Shreya Dhanwanthary, Satish Kaushik, Sharib Hashmi, Anant Mahadevan, Nikhil Dwivedi, KK Raina and Lalit Parimoo.
Check out the Scam 1992's teaser here:
What was Harshad Mehta scam?
Mehta, a registered broker, and his partners were accused of manipulating the Bombay Stock Exchange in 1992 by taking advantage of loopholes in the banking system. Mehta used the ready forward (RF) deal to insert money into the market. RF deals were short-term loans from one bank to another. The deals were generally made with the help of brokers, who were paid commissions.
Mehta allegedly colluded with bank employees to get fake bank receipts (BRs) issued. He used these BRs to get other banks to lend him money under the false impression that they were lending against government securities (G-Secs). This amount was then put into the stock market to enhance share prices up to a staggering 4,400 percent. Harshad Mehta then sold these shares at a significant profit and the principal amount was then returned to the banks.
In this manner, Mehta defrauded banks of nearly Rs 4,000 crore. Once his mode of operation in the stock market was discovered and exposed, banks realised that they were in possession of fake BRs holding no value.
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