Harshad Shantilal Mehta was an Indian stockbroker. Mehta’s involvement in the 1992 Indian securities scam made him infamous as a market manipulator. Although, as reported by the Economic Times, some financial experts believe that Harshad Mehta did not commit any fraud, he had “simply exploited loop holes in the system”.
Born 29 July 1954 Paneli Moti, Rajkot (now in Gujarat), India
Died 31 December 2001 (aged 47) Thane, Maharashtra,
Occupation: Businessman, stockbroker
Criminal penalty 5 years rigorous imprisonment
Of the 27 criminal charges brought against him, he was only convicted of four, before his death (by sudden heart attack) at age 47 in 2001. It was alleged that Mehta engaged in a massive stock manipulation scheme financed by worthless bank receipts, which his firm brokered for “ready forward” transactions between banks. Mehta was convicted by the Bombay High Court and the Supreme Court of India for his part in a financial scandal valued at ₹100 billion (US$1.4 billion) which took place on the Bombay Stock Exchange (BSE). The scandal exposed the loopholes in the Indian banking system and the Bombay Stock Exchange (BSE) transaction system, and consequently the SEBI introduced new rules to cover those loopholes. He was on trial for 9 years, until he died at the end of 2001.
Harshad Mehta real photos of SCAM 1992 Live on Sony Liv
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