Introduction
A controversial Indian stockbroker who is said to be the mastermind of the 1992 Indian stock market scam. Known as the “Big Bull” of Dalal Street, he is none other than Harshad Mehta. He manipulated the stock market to a high level by using the loopholes in the banking system and artificially inflated the stock prices, causing the market to surge first and then fall drastically.
In today’s blog we will share with you Harshad Mehta Net Worth, his work, relationship, scam and other related information.
Harshad Mehta Net Worth
Harshad Mehta, who was very well known as a stockbroker, had a very high net worth at the peak of his profession. Let us tell you his net worth.
According to various reports, it is a bit difficult to tell the exact amount of Harshad Mehta’s wealth because the nature of his financial transactions was very complex. But he and his associates stole approx ₹4,000 crore from the banking system, Harshad Mehta Net Worth over ₹24,000 crore in today’s money.
He also owned various luxury vehicles, real estate and other properties. However, a part of his net worth was confiscated after his imprisonment, to get it back, his son and wife have fought in the court for many years.
Harshad Mehta Biography/ Wiki
Harshad Mehta, born on 23 July 1947, was a famous Indian stockbroker who participated in the 1992 stock market scam. He was known as the famous “Big Bull” of the Indian stock market. He owned various luxury properties and cars including Toyota Lexus. Harshad also lived in a luxurious apartment in Mumbai and this apartment became very famous for the luxurious parties.
However, for the 1992 scam he was arrested and on 31 December in 2001, he died due to a sudden heart attack.
| Birth Name | Harshad Mehta |
| Date of Birth | July 29, 1954 |
| Gender | Male |
| Birth Place | Paneli Moti, Rajkot, Gujarat, India |
| Age | 47 years till death |
| Father’s Name | Shantilal Mehta |
| Mother’s Name | Rasilaben Mehta |
| Siblings | Brother: Aswin MehtaHitesh Mehta Sudhir Mehta |
| Spouse | Jyoti Mehta |
| Death Date | December 31, 2001 |
| Nationality | Indian |
| Profession | Indian Stockbroker, Businessman |
| Religion | Hinduism |
| Death Reason | Sudden Heart Attack |
| Famous For | Mastermind of 1992 Stock Market Scam |
| Horoscope | Leo |
| Home Town | Rajkot, Gujarat |
| Country | India |
| Children | Aatur Harshad Mehta |
Harshad Mehta’s Early Life
Harshad Mehta was born in 1954 in a Gujarati Jain family in Paneli Moti, Rajkot district of Gujarat. His mother’s name was Rasilaben Mehta and father’s name was Shantilal Mehta. However, his childhood was spent in Borivali, where his father had a textile business.
Harshad Mehta’s Education
Harshad’s early education was completed from Janta Public School, Camp 2, Bhilai. Then after completing his schooling, he went to Mumbai in search of work. Then he took admission in Lala Lajpat Rai College, Bombay in 1976 and completed his B.Com.
Harshad Mehta’s Work
He started his career after completing his B.Com degree by doing many small jobs for some years including selling hosiery and cements. But Mehta was not satisfied with this, his ambitions were much bigger. He fell in love with the stock market ever since he learnt about it and soon found work as a jobber at the Bombay Stock Exchange.
Mehta was a quick learner and understood the dynamics of the market very quickly. By the 1980s, Mehta had set up his own firm “Growmore Research and Asset Management”. Mehta earned the name of “Big Bull” of Dalal Street for his aggressive trading strategies.
Harshad became more famous for his “Replacement Cost Theory”. He owned various luxury cars and lived in a luxurious apartment in the Posh Worli area of Mumbai.
But he was unaware that there was a dangerous game behind it. Harshad misused his connections in financial institutions to obtain funds from banks to manipulate stock prices. This strategy led to his downfall.
The Scandal 1992 and Downfall Of Harshad
In a massive scam that took place in the stock market in 1992, Harshad Mehta was said to be the mastermind of that scam. He manipulated the share prices extensively and misused the bank’s money. The scam led to a massive crash in the stock market and exposed the major flaws of the Indian banking system at a high level. Sucheta Dalal exposed this crime and appeared in a Times of India column in 1992, after taking a keen interest in Mehta’s highly lavish lifestyle. And then, Harshad was arrested and faced many long legal battles.
Harshad Mehta’s Wife
Harshad was married, his wife’s name was Jyoti Mehta. Jyoti always supported her husband whether it was his fame as a stockbroker or his key role in the 1992 stock market fraud. Although Jyoti always remained out of the public eye, Harshad’s lifestyle and financial dealings attracted a lot of attention. Jyoti remained an integral part of Mehta’s life, providing emotional support to Harshad during his imprisonment.
After Harshad’s death in 2001, she fought a legal battle to recover some of the money taken by the government as a result of the financial scandal. She stood firm in protecting her family’s rights and was able to get some of the rights back.
Conclusion
Through the above blog post we can conclude that, everyone gets some important lessons from the life journey of India’s infamous stockbroker Harshad Mehta. He was a well-known name in his time. His journey from being a common man to becoming famous was indeed full of perseverance and risk. However, his life was full of risks and perhaps somewhere he himself knew that the circumstances were against him.
Frequently Asked Questions
Q1: Is Harshad Mehta still alive?
Ans: No, Harshad Mehta is not alive.
Q2: When did Harshad Mehta die?
Ans: Harshad Mehta died in 2001 in Thane.
Q3: Is only Harshad involved in the 1992 scam?
Ans: No, his brother, Aswin Mehta and others were also involved in the scam.
Q4: Who revealed the Harshad Mehta scam?
Ans: At that time, Journalist Sucheta Dalal was working for The Times of India. She revealed the scam and highlighted it in The Times of India newspaper.
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