{"id":2959,"date":"2025-05-30T13:29:57","date_gmt":"2025-05-30T07:59:57","guid":{"rendered":"https:\/\/blog.tickertape.in\/?p=2959"},"modified":"2025-05-30T13:29:59","modified_gmt":"2025-05-30T07:59:59","slug":"facts-about-harshad-mehta","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/","title":{"rendered":"10 Mind-blowing Facts About Harshad Mehta"},"content":{"rendered":"\n<p>The greed for money led to the 1992 <a href=\"https:\/\/www.tickertape.in\/blog\/how-to-invest-in-shares\/\">stock market<\/a> scam, one of the biggest Indian <a href=\"https:\/\/www.tickertape.in\/blog\/how-to-invest-in-shares\/\">stock market<\/a> scandals, when Harshad Mehta, also known as the Big Bull of Dalal Street, deceived the entire nation of Rs 4,000 cr. Here are 10 facts about him.<\/p>\n\n\n\n<p><strong>This article covers:<\/strong><\/p>\n\n\n\n<ul>\n<li><a href=\"#came\">Fact No. 1: Came to Mumbai dirt poor<\/a><\/li>\n\n\n\n<li><a href=\"#became\">Fact No. 2: Became the \u201cBig B\u201d of the stock market<\/a><\/li>\n\n\n\n<li><a href=\"#most\">Fact No. 3: The most treasured man of the Income Tax department<\/a><\/li>\n\n\n\n<li><a href=\"#lived\">Fact No. 4: Lived life king size<\/a><\/li>\n\n\n\n<li><a href=\"#orchestrated\">Fact No. 5: Orchestrated India\u2019s biggest scam\u00a0<\/a><\/li>\n\n\n\n<li><a href=\"#got\">Fact No. 6: Got a staggering surge in market value<\/a><\/li>\n\n\n\n<li><a href=\"#biggest\">Fact No. 7: The biggest stock market scam exposed<\/a><\/li>\n\n\n\n<li><a href=\"#poor\">Fact No. 8: Poor banking system<\/a><\/li>\n\n\n\n<li><a href=\"#bribed\">Fact No. 9: Allegation against Prime Minister<\/a><\/li>\n\n\n\n<li><a href=\"#case\">Fact No. 10: Case magnitude<\/a><\/li>\n<\/ul>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-1-Came-To-Mumbai-Dirt-Poor\" title=\"Fact No. 1: Came To Mumbai Dirt Poor\">Fact No. 1: Came To Mumbai Dirt Poor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-2-Became-The-%E2%80%9CBig-B%E2%80%9D-Of-The-Stock-Market\" title=\"Fact No. 2: Became The \u201cBig B\u201d Of The Stock Market\">Fact No. 2: Became The \u201cBig B\u201d Of The Stock Market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-3-The-Most-Treasured-Man-Of-The-Income-Tax-Department\" title=\"Fact No. 3: The Most Treasured Man Of The Income Tax Department\">Fact No. 3: The Most Treasured Man Of The Income Tax Department<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-4-Lived-Life-King-Size\" title=\"Fact No. 4: Lived Life King Size\">Fact No. 4: Lived Life King Size<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-5-Orchestrated-Indias-Biggest-Scam-Ever\" title=\"Fact No. 5: Orchestrated India\u2019s Biggest Scam Ever\">Fact No. 5: Orchestrated India\u2019s Biggest Scam Ever<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-6-Got-A-Staggering-Surge-In-Market-Value\" title=\"Fact No. 6: Got A Staggering Surge In Market Value\">Fact No. 6: Got A Staggering Surge In Market Value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-7-The-Biggest-Stock-Market-Scam-Exposed\" title=\"Fact No. 7: The Biggest Stock Market Scam Exposed\">Fact No. 7: The Biggest Stock Market Scam Exposed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-8-Poor-Banking-System\" title=\"Fact No. 8: Poor Banking System\">Fact No. 8: Poor Banking System<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-9-Allegation-Against-Prime-Minister\" title=\"Fact No. 9: Allegation Against Prime Minister\">Fact No. 9: Allegation Against Prime Minister<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tickertape.in\/blog\/facts-about-harshad-mehta\/#Fact-No-10-Case-Magnitude\" title=\"Fact No. 10: Case Magnitude\">Fact No. 10: Case Magnitude<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-1-Came-To-Mumbai-Dirt-Poor\"><\/span>Fact No. 1: Came To Mumbai Dirt Poor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Harshad Mehta&#8217;s family was a lower-middle-class and they lived in Paneli Moti, Rajkot. He came to Mumbai in search of a living. At the time, the Big Bull of Dalal street had only Rs 40 in his pockets. To survive in the city of dreams, he took meagre jobs for the next 8 yrs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-2-Became-The-%E2%80%9CBig-B%E2%80%9D-Of-The-Stock-Market\"><\/span>Fact No. 2: Became The \u201cBig B\u201d Of The Stock Market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>By the 1990s, Harshad Mehta had risen to such prominence in the <a href=\"https:\/\/www.tickertape.in\/blog\/how-to-invest-in-shares\/?ref=blog\">share market<\/a> with his relentless hard work and unwavering will, that he earned the title \u2018Amitabh Bachchan of the stock market\u2019.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-3-The-Most-Treasured-Man-Of-The-Income-Tax-Department\"><\/span>Fact No. 3: The Most Treasured Man Of The Income Tax Department<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In 1992, Harshad Mehta\u2019s <a href=\"https:\/\/www.tickertape.in\/blog\/net-worth\/\">net worth<\/a> was so high that he even paid the highest <a href=\"https:\/\/www.tickertape.in\/blog\/what-is-income-tax\/\">income tax<\/a> of Rs 24 cr, just a few weeks before the scam was exposed. In fact, some said that if he was alive and not caught, Harshad Mehta would have been richer than Mr Mukesh Ambani.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-4-Lived-Life-King-Size\"><\/span>Fact No. 4: Lived Life King Size<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Harshad Mehta&#8217;s lifestyle drastically changed from his humble origins. He owned a 12,000 sq. ft. lavish penthouse in Worli and a fleet of rare, luxurious cars like the Lexus Starlet and Toyota Corolla. Many people only dreamt of owning these in the 1990s.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-5-Orchestrated-Indias-Biggest-Scam-Ever\"><\/span>Fact No. 5: Orchestrated India\u2019s Biggest Scam Ever<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Between April 1991 and 1992, Harshad Mehta&#8217;s scam involved him manipulating <a href=\"https:\/\/www.tickertape.in\/blog\/sensex-companies\/\">Sensex<\/a> in a way that it surged from just over 1,000 points to almost 4,500 points. This resulted in a huge scam of Rs 4,000 cr, which made it the biggest in India that was planned just by a single person. When adjusted for inflation, the scam would amount to Rs 24,000 cr.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-6-Got-A-Staggering-Surge-In-Market-Value\"><\/span>Fact No. 6: Got A Staggering Surge In Market Value<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the Harshad Mehta 1992 scam, Rs 3,500 cr of funds from the banks were diverted to a group of stockbrokers, led by Harshad Mehta. These funds were then put into selective stocks, causing them to surge over a staggering 4,500 per cent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-7-The-Biggest-Stock-Market-Scam-Exposed\"><\/span>Fact No. 7: The Biggest Stock Market Scam Exposed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Journalist Sucheta Dalal exposed Harshad Mehta as a fraud, on 23rd Apr 1992 in the columns of the Times of India. Based on the scam, she co-wrote a book titled \u201cThe Scam: Who Won, Who Lost, Who Got Away\u201d with Debashish Basu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-8-Poor-Banking-System\"><\/span>Fact No. 8: Poor Banking System<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Thanks to Harshad Mehta&#8217;s arrest, loopholes in the Indian banking system and the Bombay Stock Exchange (BSE) transaction system were exposed. Watchdog <a href=\"https:\/\/www.tickertape.in\/blog\/securities-and-exchange-board-of-india-functions-powers-and-regulations-of-sebi\/\">SEBI<\/a> further introduced new rules to address the loopholes. Harshad Mehta&#8217;s trial went on for 9 years until he passed away in late 2001 due to a cardiac arrest in Tihar jail.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-9-Allegation-Against-Prime-Minister\"><\/span>Fact No. 9: Allegation Against Prime Minister<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>On 16th Jun 1993, when Mehta was out on bail, he publicly claimed that he had bribed the then Congress President and Prime Minister Mr P. V. Narasimha Rao of Rs 1 cr for getting Mehta out of the scandal case.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fact-No-10-Case-Magnitude\"><\/span>Fact No. 10: Case Magnitude<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The CBI charged Mehta with 72 criminal cases, which included bribery, cheating, forgery, criminal conspiracy and falsification of accounts. He was also charged with over 600 civil action suits by banks and institutions regarding the money he owed them. Mehta had fooled 4 banks of an amount of Rs 1,700 cr.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you know Harshad Mehta was called the Big Bull of Dalal Street before Jhunjhunwala? Here are facts about his stock market ride and what happened next  <\/p>\n","protected":false},"author":46,"featured_media":2963,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[9,1758],"tags":[313,335,251,44],"acf":[],"modified_by":"vanessa sequeira","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2021\/06\/Harshad-Mehta-Facts.png?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/2959"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=2959"}],"version-history":[{"count":10,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/2959\/revisions"}],"predecessor-version":[{"id":17116,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/2959\/revisions\/17116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/2963"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=2959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=2959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=2959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}