1) Harshad Mehta was a flamboyant inventory dealer generally known as the Huge Bull who, within the early Nineties, in collusion with unscrupulous bankers, pulled off what was till then the largest inventory market and banking fraud within the historical past of India. When information of the scandal broke in April 1992, it turned a inventory market growth to bust and plunged the then Congress authorities, led by Prime Minister P.V. Narasimha Rao, right into a disaster.
2) Mehta’s Growmore Analysis and Property Administration occupied a complete flooring in Maker Chambers V in Nariman Level, then generally known as India’s most costly actual property. Recognized for his flashy way of life, Mehta lived in a swanky penthouse in Worli Seaface, a modern Mumbai neighbourhood, and owned a fleet of luxurious vehicles.
3) It turned out that Mehta had funded his flashy way of life by siphoning financial institution funds in inter-bank transactions and investing closely in some shares that rose to stratospheric heights, stoking a inventory market growth. He was later charged with greater than 70 felony offences, arrested and banned from buying and selling within the inventory market. Mehta and his brothers had been arrested by the Central Bureau of Investigation (CBI) in November 1992 for allegedly misappropriating greater than 2.8 million shares of about 90 corporations, together with Related Cement Corporations and Hindalco, by way of cast share switch kinds.
4) Mehta was convicted by the Bombay excessive court docket and sentenced to 5 years in jail in September 1999, a ruling confirmed by the Supreme Courtroom in January 2003. Mehta was beneath custody within the Thane jail when he complained of chest ache and was hospitalised. He died of a coronary heart ailment, aged 47, on 31 December 2001.
5) Rip-off 1992: The Harshad Mehta Story, a Hindi drama net sequence directed by Hansal Mehta, is tailored from journalist Sucheta Dalal and Debashish Basu’s ebook, The Rip-off: Who Gained, who Misplaced, who Acquired Away. A film, The Huge Bull, starring Abhishek Bachchan, can also be within the works.
