Harshad Mehta Scam How One Man Deceived Entire Share Market; Biggest Scam in Indian Market; A scam had changed the face of Dalal Street
It is well known that Harshad Mehta was considered as the stock market messiah in 1980-90s. Shareholders regarded him as the key to their fortunes, and the price of the shares he held would skyrocket. Harshad Mehta had earned crores overnight from the stock market.
This is how Harshad Mehta’s journey began
Harshad Mehta was born in a small family in Rajkot, Gujarat on 29th July 1954, spent his childhood in Borivali area of Mumbai and after 12th Harshad Mehta joined a brokerage firm after completing his B.Com from Lajpat Rai College and doing odd jobs for 8 years. In 1984, Harshad Mehta started his own company called Grow More Research Management.
Harshad Mehta learned the tricks of the stock market while working in a brokerage firm. Mehta was called ‘Big Bull’ because he started the stock market boom. In the 1990s, the stock market boomed, for which Mehta was responsible. After starting his company, Harshad Mehta joined the Bombay Stock Exchange as a broker. Harshad Mehta’s journey to become a stock market ‘king’ started from here.
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Respect to Harshad Mehta in stock market
In the 1990s, big investors started investing money in Harshad Mehta’s company, but one reason Harshad Mehta’s name made a mark in the stock market was that he started investing his money in ACC i.e. Associated Cement Company.
After Harshad Mehta invested in ACC, the stock’s fortunes seemed to change, as ACC’s stock rose from Rs 200 to Rs 9,000 in no time. By 1990, Harshad Mehta’s name appeared on the cover of every major newspaper and magazine. Harshad Mehta’s name came to be held in high regard in the stock market. But from where does Harshad Mehta get so much money, the question arose.Applying for a loan online? Then first know the advantages and disadvantages, otherwise there will be a loss of millions!
To take bank loan for 15 days
Taking advantage of the banking system, Harshad Mehta used to take loans from them and invest the money in the market. Acting as a broker in two banks, Mehta used to borrow money for 15 days and raise money from the banks and return the money to the banks after earning profit from the market. After this matter came to light, the stock market started to fall heavily. As soon as this matter came to light, 72 criminal cases were registered against Mehta and almost civil cases were filed. He complained of chest pain late at night on 31 December 2001, after which he died on admission to the Thane Civil Hospital.
Almost 25 years after Harshad Mehta’s share market scam, recovery from his family is on and the custodian has sold Mehta’s property and the department has received Rs. 6000 crores have been issued,
