Harshad Mehta Net Worth: Not just an easy stock broker, in fact, a millionaire on whose life, even films and seasons are being made, is none aside from Mr. Harshad Mehta.
Harshad Shantilal Mehta was born on 29 July, 1954, in Rajkot, India. He was a stockbroker and was known for his risk taking appetite and was often called because the Big Bull or The Amitabh Bachchan of the stock exchange . The 1992 Indian Securities Scam cause the assumption that he was the market manipulator. during this article we’ll be discussing about Harshad Mehta, his career and net worth.
Although Harshad Mehta was born in Rajkot, he spent his initial years in Mumbai then shifted to Raipur. He visited Janta Public School in Bhilai. He wasn’t keen on studies and loved cricket. After schooling he again shifted to Mumbai for further studies and work. He completed his graduation in commerce from Lala Lajpatrai College. He took different jobs like sorting diamond, selling cement etc. Soon after he developed interest available market and began working as jobber.
Later in late 1980’s he started his own firm Grow More Research and Asset Management along side his brother. briefly period, that they had prominent investors and shortly he and his firm started growing and he emerged because the highest advance tax payer in India. He started the Bull Run within the stock exchange and he traded heavily within the shares of such companies, which he thought were undervalued.
Harshad Mehta Net Worth
Harshad and his brother Ashwin Mehta wont to handle the business together. Harshad Mehta is not any more during this world, and his brother is estimated to possess a really high net worth.
It is said that Ashwin fought single handedly to clear his brother’s name and paid around 1700 crores to banks to clear all the debts and therefore the NPA’s.
When Harshad was alive, it had been estimated that Harshad Mehta was directly liable for embezzling funds of Rs 1439 crores ($193 Million) and causing a scam that led to the loss of wealth to the tune of Rs 3542 crores ($475 Million) !!! Thus, his personal net worth increased enormously, while tons of individuals lost all their wealth.
Harshad had expired on 31st December 2001 in Mumbai leaving his siblings Ashwin Mehta, Sudhir Mehta, Hitesh Mehta, his wife Jyoti Mehta, and Son Atur Mehta.
We could never imagine an individual of Indian origin doing a scam like this and this looks like a movie, however, this is often the important picture behind a person’s life.
What scam did Harshad Mehta do?
The scam in 1992 was a scientific fraud committed by Mr. Harshad Mehta within the stock exchange of India. This created an enormous blunder, which made the whole securities system collapse.
He managed to make a diversion of giant amounts from the banking channel to the stock exchange , by exploiting the varied lacunas and loopholes within the broking system.
Harshad committed a fraud of over 1 billion rupees from the banking industry to shop for stocks on the Bombay stock market . thanks to this transaction, the banking systems suffered a loss of about 3500 to 4000 crores.
Due to this scam and this loss to the banks, the stock exchange crashed badly. Thousands of innocent investors lost tons of cash and this scam became one among the most important scams within the history of the planet .
This is how big bull is formed
In 1984, he started his own company and took the membership of Bombay stock market . The 80s were coming to an end, but Harshad’s fire was increasing. within the coming decade of the 90s, every newspaper was filled with delight, every magazine had its pictures printed and large people yearned for a gathering with it. it’s said that when the upper one gives, it makes thatch tear. an equivalent thing was happening with Harshad. New people wanted to be like him, old people wont to take his name with respect and everybody wanted to understand what’s the key of Harshad Mehta.
What was the key of Harshad Mehta in any case
Harshad was the philosopher’s stone that the stock he wont to touch became gold. Harshad’s value was quite Kohinoor within the stock exchange . But to know the key of Harshad Mehta, one has got to understand the way of working. When he took interest in ACC’s stock, it had been 200 rupees, but within a brief time the worth of this share reached 9 thousand. Think what was the key that opened the country’s banking system? What did he do this the stock exchange senses were blown away? And who was the one that revealed this?
The stock exchange was constantly touching a height and at an equivalent time, Harshad Mehta was also growing. This was the time when the country’s economy was browsing a phase of change. Privatization and foreign investment were increasing. The country had moved on the trail of change. As long because the market kept growing, Mehta’s fire also kept growing, but each day came when the stock exchange went bust. Mehta couldn’t return the cash to the banks then went on to open this ‘Harshad Mehta scandal’.
After this case, a piece of writing was published within the ny Times during which Debashish Basu, author of Business Today, said, “The problem isn’t Mehta. this is often the unique time within the history of the Indian economy when old pages are being torn. In such moments, scamsters begin of their shells. ”
On the ground with havoc
The pen of Sucheta Dalal had done that which even those that burnt with Harshad couldn’t . From Dalal Street to Parliament this scandal was being discussed. When the matter grew, a joint parliamentary committee was formed to research the matter. along side Harshad, the CBI also arrested both his brothers Ashwin and Sudhir. 72 criminal cases and quite 600 civil cases were registered against Harshad.
After this, that happened which had never happened before within the history of the country. Mehta claimed during a news conference that he had given a bribe of 1 crore to PM Narasimha Rao. Congress and Rao denied the allegations. There was never any evidence of this. But this case took an important toll on Narasimha Rao, as during this point he was also accused of bribing JMM MPs to save lots of his government.
Aise dooba mehata ka taitainik
After getting bail, Mehta started his business again. He was getting bail in one case after another. It seemed that the times would change again. But in 2001, he was arrested again and sent to jail where he died of a attack on 31 December 2001.
According to a report by the Janakiraman Committee of RBI, the 1992 scam was worth Rs 4025 crore. the most important case during this was of 600 crore fraud through with SBI. it’s said that when he wont to attend court, the gang would gather to boost slogans in his favor.
Sucheta, a journalist who disclosed the case, was also awarded the Padma Shri Award in 2006. In a piece of writing on her blog, Sujata writes,
“The problem with Mehta was that he never changed his formula. He did not realize that his old magic is not any longer affecting the investors. He always lived within the world of appearances. After the SBI scandal surfaced, he had a photoshoot at the Mumbai Zoo feeding peanuts to the bears. Through this, he wanted to point out that the stock exchange would always run at his behest. “
