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Harshad Shantilal Mehta (29 July 1954 – 31 December 2001) was an Indian stockbroker, businessman, and convicted fraudster. Mehta's involvement in the 1992 Indian securities scam (about ₹ 30,000 crore (equivalent to ₹ 2.3 trillion or US$27 billion in 2023)) led him to gain infamy for market manipulation .
Mehta used the ready forward deal and applied it to the Bank Receipts system of the Indian financial systems. This system was the most flawed system as the Janakiraman Committee restructured the entire Bank Receipts system after the 1992 scam. [11] Mehta used forged BR's to gain unsecured loans, and used several small banks to issue BRs on demand.
Harshad Mehta, committed fraud without bank receipts of ₹5 billion from State Bank of India and an individual scam of ₹14 billion using fake bank receipts. The Indian television series Scam 1992 is based on his life and fraudulent activity.
After economic liberalization in India in 1991, the stock market saw a number of cycles of booms and busts, some related to scams such as those engineered by players such as Harshad Mehta and Ketan Parekh, some due to global events and a few due to circular trading, rigging of prices and the irrational exuberance of investors leading to bubbles ...
Scam 1992 – The Harshad Mehta Story is an Indian Hindi-language biographical financial thriller streaming television series on SonyLIV directed by Hansal Mehta, with Jai Mehta serving as the co-director. [1]
The income tax department had withdrawn certain notices pending against him, having entered into "some understanding" about the payment of arrears. [ 6 ] In recent times, Mundhra is often noted as the forerunner of other financial scamsters of modern India, including Harshad Mehta and Abdul Karim Telgi , who also operated with considerable ...
In 1992, while serving as Chairman & Managing Director of the National Housing Bank, the bank's exposure of over ₹ 1,000 crore worth of re-purchase option (repo) based security trades to Harshad Mehta came to light. [3] [4] Pherwani had been regarded as Mehta's mentor. [5] Consequently, Pherwani stepped down from NHB. [4]
She is known for exposing the 1992 stock market scam done by Harshad Mehta. In 2006, she began to write for Moneylife , a fortnightly magazine on investment started by her husband Debashis Basu. She is now the Managing Editor of Moneylife .