Harshad Mehta - Revision history

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	{{Short description\|Indian stockbroker and businessman (1954–2001)}}		{{Short description\|Indian stockbroker and businessman (1954–2001)}}
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	==Background of the 1992 security fraud==		==Background of the 1992 security fraud==

	=== ~~Stamp paper fraud~~ ===		=== Bank funds scam ===
	Up to the early 90's banks in India were not allowed to invest in the equity markets. However, they were expected to post profits and to retain a certain ratio (threshold) of their assets in government fixed interest bonds. Mehta cleverly squeezed capital out of the banking system to address this requirement of banks and pumped this money into the share market. He also promised the banks higher rates of interest, while asking them to transfer the money into his personal account, under the guise of buying securities for them from other banks. At that time, a bank had to go through a broker to buy securities and forward bonds from other banks. Mehta used this money temporarily in his account to buy shares, thus hiking up demand of certain shares (of good established companies like [[Associated Cement Companies\|ACC]], [[Sterlite Industries]] and [[Videocon]]) dramatically, selling them off, passing on a part of the proceeds to the bank and kept the rest for himself. This resulted in stocks like ACC (which was trading in 1991 for ₹200/share) skyrocketing to nearly ₹9,000 in just 3 months.<ref name="dalal"/>		Up to the early 90's banks in India were not allowed to invest in the equity markets. However, they were expected to post profits and to retain a certain ratio (threshold) of their assets in government fixed interest bonds. Mehta cleverly squeezed capital out of the banking system to address this requirement of banks and pumped this money into the share market. He also promised the banks higher rates of interest, while asking them to transfer the money into his personal account, under the guise of buying securities for them from other banks. At that time, a bank had to go through a broker to buy securities and forward bonds from other banks. Mehta used this money temporarily in his account to buy shares, thus hiking up demand of certain shares (of good established companies like [[Associated Cement Companies\|ACC]], [[Sterlite Industries]] and [[Videocon]]) dramatically, selling them off, passing on a part of the proceeds to the bank and kept the rest for himself. This resulted in stocks like ACC (which was trading in 1991 for ₹200/share) skyrocketing to nearly ₹9,000 in just 3 months.<ref name="dalal"/>

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← Older revision		Revision as of 15:12, 28 March 2021
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	{{Short description\|Indian stockbroker and businessman (1954–2001)}}		{{Short description\|Indian stockbroker and businessman (1954–2001)}}
	{{EngvarB\|date=~~May 2014~~}}		{{EngvarB\|date=March 2021}}
	{{Use dmy dates\|date=~~July 2019~~}}		{{Use dmy dates\|date=March 2021}}

	'''Harshad Shantilal Mehta''' was an Indian [[stockbroker]]. Mehta’s involvement in the [[1992 securities scam\|1992 Indian securities scam]] made him infamous as a [[market manipulation\|market manipulator]].<ref>{{cite web \|title=The securities scam of 1992 – CBI Archives \|url=http://www.cbi.gov.in/fromarchives/harshadmehta_nw/harshadmehta.php \|website=www.cbi.gov.in \|publisher=CBI (Central Bureau of Investigation), India \|access-date=22 May 2018}}</ref>
	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".<ref>{{Cite news\|last=Menon\|first=Shailesh\|last2=Vyas\|first2=Maulik\|title=The Harshad Mehta case: Where time has overtaken justice by a mile\|work=The Economic Times\|url=https://economictimes.indiatimes.com/news/politics-and-nation/the-harshad-mehta-case-where-time-has-overtaken-justice-by-a-mile/articleshow/53052771.cms?from=mdr\|access-date=2020-12-25}}</ref>
	{{Infobox person		{{Infobox person
	\| name = Harshad Mehta		\| name = Harshad Mehta
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	\| criminal_penalty = 5 years rigorous imprisonment		\| criminal_penalty = 5 years rigorous imprisonment
	\| occupation = Businessman, [[stockbroker]]		\| occupation = Businessman, [[stockbroker]]
	}}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.<ref name="sebi1">{{cite web \|title=Action against Harshad Mehta, Videocon, BPL and Sterlite (Press release 19 April 2001) \|url=https://www.sebi.gov.in/media/press-releases/apr-2001/action-against-harshad-mehta-videocon-bpl-and-sterlite_17608.html \|website=www.sebi.gov.in \|publisher=SEBI (Securities and exchange board of India) \|access-date=30 January 2018}}</ref> 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]]<ref name="SC upholds Harshad Mehta's conviction">{{cite news \|title=SC upholds Harshad Mehta's conviction \|url=http://articles.timesofindia.indiatimes.com/2003-01-14/india/27279459_1_securities-scam-conviction-mehta-and-two \|access-date=14 October 2012 \|newspaper=Times of India \|date=14 January 2003}}</ref> for his part in a financial scandal valued at {{INRConvert\|100\|b}} which took place on the Bombay Stock Exchange (BSE). The scandal exposed the loopholes in the [[Indian banking\|Indian banking system]] and the [[Bombay Stock Exchange\|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.<ref name="Hinduline">{{cite news \|title=Admires of Harshad Mehta \|url=http://www.thehindubusinessline.in/bline/2002/01/01/stories/2002010102180100.htm \|newspaper=The Hindu Business Line}}</ref><ref>{{cite news \|title=Harshad Mehta's scam unfold \|url=http://www.rediff.com/money/2001/apr/19sebi1.htm \|work=Rediff.com}}</ref>		}}

			'''Harshad Shantilal Mehta''' was an Indian [[stockbroker]]. Mehta’s involvement in the [[1992 securities scam\|1992 Indian securities scam]] made him infamous as a [[market manipulation\|market manipulator]].<ref>{{cite web \|title=The securities scam of 1992 – CBI Archives \|url=http://www.cbi.gov.in/fromarchives/harshadmehta_nw/harshadmehta.php \|website=www.cbi.gov.in \|publisher=CBI (Central Bureau of Investigation), India \|access-date=22 May 2018}}</ref>
			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".<ref>{{Cite news\|last=Menon\|first=Shailesh\|last2=Vyas\|first2=Maulik\|title=The Harshad Mehta case: Where time has overtaken justice by a mile\|work=The Economic Times\|url=https://economictimes.indiatimes.com/news/politics-and-nation/the-harshad-mehta-case-where-time-has-overtaken-justice-by-a-mile/articleshow/53052771.cms?from=mdr\|access-date=2020-12-25}}</ref>

			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.<ref name="sebi1">{{cite web \|title=Action against Harshad Mehta, Videocon, BPL and Sterlite (Press release 19 April 2001) \|url=https://www.sebi.gov.in/media/press-releases/apr-2001/action-against-harshad-mehta-videocon-bpl-and-sterlite_17608.html \|website=www.sebi.gov.in \|publisher=SEBI (Securities and exchange board of India) \|access-date=30 January 2018}}</ref> 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]]<ref name="SC upholds Harshad Mehta's conviction">{{cite news \|title=SC upholds Harshad Mehta's conviction \|url=http://articles.timesofindia.indiatimes.com/2003-01-14/india/27279459_1_securities-scam-conviction-mehta-and-two \|access-date=14 October 2012 \|newspaper=Times of India \|date=14 January 2003}}</ref> for his part in a financial scandal valued at {{INRConvert\|100\|b}} which took place on the Bombay Stock Exchange (BSE). The scandal exposed the loopholes in the [[Indian banking\|Indian banking system]] and the [[Bombay Stock Exchange\|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.<ref name="Hinduline">{{cite news \|title=Admires of Harshad Mehta \|url=http://www.thehindubusinessline.in/bline/2002/01/01/stories/2002010102180100.htm \|newspaper=The Hindu Business Line}}</ref><ref>{{cite news \|title=Harshad Mehta's scam unfold \|url=http://www.rediff.com/money/2001/apr/19sebi1.htm \|work=Rediff.com}}</ref>

	==Early life==		==Early life==

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{{pp-pc1}}
{{pp|small=yes}}
{{Short description|Indian stockbroker and businessman (1954–2001)}}
{{EngvarB|date=May 2014}}
{{Use dmy dates|date=July 2019}}

'''Harshad Shantilal Mehta''' was an Indian [[stockbroker]]. Mehta’s involvement in the [[1992 securities scam|1992 Indian securities scam]] made him infamous as a [[market manipulation|market manipulator]].<ref>{{cite web |title=The securities scam of 1992 – CBI Archives |url=http://www.cbi.gov.in/fromarchives/harshadmehta_nw/harshadmehta.php |website=www.cbi.gov.in |publisher=CBI (Central Bureau of Investigation), India |access-date=22 May 2018}}</ref>
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".<ref>{{Cite news|last=Menon|first=Shailesh|last2=Vyas|first2=Maulik|title=The Harshad Mehta case: Where time has overtaken justice by a mile|work=The Economic Times|url=https://economictimes.indiatimes.com/news/politics-and-nation/the-harshad-mehta-case-where-time-has-overtaken-justice-by-a-mile/articleshow/53052771.cms?from=mdr|access-date=2020-12-25}}</ref>
{{Infobox person
| name = Harshad Mehta
| image = Harshad Mehta.jpg
| caption =
| birth_place = [[Paneli Moti]], [[Rajkot]] (now in [[Gujarat]]), India
| birth_name =
| birth_date = {{Birth date|df=yes|1954|07|29}}
| death_date = {{Death date and age|df=yes|2001|12|31|1954|07|29}}
| death_place = [[Thane, Maharashtra]], India
| criminal_charges =
| criminal_penalty = 5 years rigorous imprisonment
| occupation = Businessman, [[stockbroker]]
}}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.<ref name="sebi1">{{cite web |title=Action against Harshad Mehta, Videocon, BPL and Sterlite (Press release 19 April 2001) |url=https://www.sebi.gov.in/media/press-releases/apr-2001/action-against-harshad-mehta-videocon-bpl-and-sterlite_17608.html |website=www.sebi.gov.in |publisher=SEBI (Securities and exchange board of India) |access-date=30 January 2018}}</ref> 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]]<ref name="SC upholds Harshad Mehta's conviction">{{cite news |title=SC upholds Harshad Mehta's conviction |url=http://articles.timesofindia.indiatimes.com/2003-01-14/india/27279459_1_securities-scam-conviction-mehta-and-two |access-date=14 October 2012 |newspaper=Times of India |date=14 January 2003}}</ref> for his part in a financial scandal valued at {{INRConvert|100|b}} which took place on the Bombay Stock Exchange (BSE). The scandal exposed the loopholes in the [[Indian banking|Indian banking system]] and the [[Bombay Stock Exchange|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.<ref name="Hinduline">{{cite news |title=Admires of Harshad Mehta |url=http://www.thehindubusinessline.in/bline/2002/01/01/stories/2002010102180100.htm |newspaper=The Hindu Business Line}}</ref><ref>{{cite news |title=Harshad Mehta's scam unfold |url=http://www.rediff.com/money/2001/apr/19sebi1.htm |work=Rediff.com}}</ref>

==Early life==
Harshad Shantilal Mehta<ref name="parikh">{{cite news |last1=Parikh |first1=Daksesh |last2=Katiyar |first2=Arun |title=Spreading Shockwaves |url=http://indiatoday.intoday.in/story/securities-scandal-harshad-mehta-being-put-behind-bars-millions-lose-their-fortune/1/307181.html |access-date=31 October 2010|publisher=India Today |date=8 January 2013}}</ref> was born on 29 July 1954,<ref>{{cite web |url=http://flame.org.in/knowledgecenter/scam.aspx |title=Harshad Mehta & Ketan Parekh Scam |publisher=Flame |date=23 April 1992 |access-date=21 May 2013}}</ref> at Paneli Moti, [[Rajkot district]], in a [[Gujarati people|Gujarati]] [[Jainism|Jain]]<ref>{{Cite web|first=V. Shankar |last=Aiyar|orig-date=January 14, 2002| date=September 10, 2002 |title=Scam-tainted stockbroker Harshad Mehta passes away|url=https://www.indiatoday.in/magazine/obituary/story/20020114-scam-tainted-stockbroker-harshad-mehta-passes-away-796078-2002-01-14|access-date=2020-11-15|website=India Today|language=en}}</ref> family. His early childhood was spent in [[Borivali]], where his father was a small-time [[textile]] businessman.{{Citation needed|date=December 2020}}

==Education==
He did his early study in Janta Public School, Camp 2 [[Bhilai]]. A [[cricket]] enthusiast, Mehta did not show any special promise in school and came to [[Mumbai]] after his schooling for studies and to find work.<ref name="dalal">{{cite book |last1=Dalal |first1=Sucheta |last2=Basu |first2=Debashis |title=The Scam: from Harshad Mehta to Ketan Parekh Also includes JPC Fiasco & Global Trust Bank Scam |date=29 July 2014 |publisher=Kensource publications |location=Mumbai |edition=8th }}</ref> Mehta completed his [[B.Com]] in 1976 from Lala Lajpatrai College, [[Mumbai|Bombay]] and worked a number of odd jobs for the next eight years.<ref name="parikh" />

==Work and life==
Jobs, often related to sales, including selling hosiery, cement, and sorting diamonds. Mehta started his career as a sales person in the Mumbai office of [[New India Assurance Company Limited]] (NIACL). During this time, he got interested in the stock market and after a few days, resigned and joined a brokerage firm. In the early 1980s, he moved to a lower level clerical job at the brokerage firm Harjivandas Nemidas Securities where he worked a [[Jobber (merchandising)|jobber]] for the broker Prasann Pranjivandas Broker who he considered his "Guru".

Over a period of ten years, beginning 1980, he served in positions of increasing responsibility at a series of [[brokerage firm]]s. By 1990, he had risen to a position of prominence in the Indian securities industry, with the media (including popular magazines such as [[Business Today (India)|Business Today]]) touting him as "[[Amitabh Bachchan]] of the Stock market".<ref name="parikh" />

Grow More Research and Asset Management, with the financial assistance of associates, when the BSE auctioned a broker's card.<ref name="parikh" /> He actively started to trade in 1986.<ref name="parikh" /> By early 1990, a number of eminent people began to invest in his firm, and utilize his services. It was at this time that he began trading heavily in the shares of [[ACC Limited|Associated Cement Company (ACC)]]. The price of shares in the cement company eventually rose from {{INR}}200 to nearly {{INR}}9,000 due to a massive spate of buying from a set of brokers including Mehta.<ref>{{cite news |last1=Dalal |first1=Sucheta |author-link=Sucheta Dalal |title=The pied piper of Dalal Street |work=[[The Times of India]] |date=24 April 1992}}</ref> Mehta justified this excessive trading in ACC shares by stating that the stock had been [[Undervalued stock|undervalued]], and that the market had simply corrected when it revalued the company at a price equivalent to the cost of building a similar enterprise; the so-called "replacement cost theory" that he had put forward.<ref name="Flame">{{cite news |url=http://flame.org.in/knowledgecenter/scam.aspx |title=Harshad Mehta's Scam |access-date=20 April 2012 |publisher=Flame.org}}</ref>

During this period, especially in 1990–1991, the media portrayed a heightened [[deified]] image of Mehta, calling him "The Big Bull". He was covered in a cover page article of a number of publications including the popular economic magazine ''Business Today'', in an article titled "Raging Bull". His flashy lifestyle of a sea facing 15,000 square feet penthouse in the tony area of [[Worli]] complete with a mini golf course and swimming pool, and his fleet of cars including a [[Toyota Corolla]], Lexus LS400, and [[Toyota Sera]] were flashed in publications. These further exemplified his image at a time when these were rarities even for the rich people of India.<ref name="btoday">{{cite news |title=Raging Bull – Harshad Mehta |work=Business Today |date=April 1991}}</ref>

In criminal indictments later brought by the authorities, it was alleged that Mehta and his associates then undertook a much broader scheme, which resulted in manipulating the rise in the Bombay Stock Exchange. The scheme was financed by supposedly [[collateral (finance)|collateralised]] bank receipts, which were in fact uncollateralised. The bank receipts were used in short-term bank-to-bank lending, known as "ready forward" transactions, which Mehta's firm brokered. By the second half of 1991 Mehta had earned the nickname of the "Big Bull", because he was said to have started the bull run in the stock market.<ref name="Flame" /> Some of the people who worked in his firm included [[Ketan Parekh]], who later would be involved in his own replicate scam.<ref name="dalal" />

==Background of the 1992 security fraud==

=== Stamp paper fraud ===
Up to the early 90's banks in India were not allowed to invest in the equity markets. However, they were expected to post profits and to retain a certain ratio (threshold) of their assets in government fixed interest bonds. Mehta cleverly squeezed capital out of the banking system to address this requirement of banks and pumped this money into the share market. He also promised the banks higher rates of interest, while asking them to transfer the money into his personal account, under the guise of buying securities for them from other banks. At that time, a bank had to go through a broker to buy securities and forward bonds from other banks. Mehta used this money temporarily in his account to buy shares, thus hiking up demand of certain shares (of good established companies like [[Associated Cement Companies|ACC]], [[Sterlite Industries]] and [[Videocon]]) dramatically, selling them off, passing on a part of the proceeds to the bank and kept the rest for himself. This resulted in stocks like ACC (which was trading in 1991 for ₹200/share) skyrocketing to nearly ₹9,000 in just 3 months.<ref name="dalal"/>

=== Bank receipt fraud ===
Another instrument used in a big way was the bank receipt. In a ready forward deal, securities were not moved back and forth in actuality. Instead, the borrower, i.e. the seller of securities, gave the buyer of the securities a BR. The BR serves as a receipt from the selling bank, and also promises that the buyer will receive the securities they have paid for at the end of the term.

Having figured this out, Mehta needed banks, which could issue fake BRs, or BRs not backed by any government securities.

Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, plainly assuming that they were lending against government securities when this was not really the case.<ref>{{cite web |last1=Dalal |first1=Sucheta |title=Revisiting 1992: The chickens come home to roost |url=http://www.suchetadalal.com/?id=41c3cfbe-bba7-f153-492e829722c5&base=sub_sections_content&f |website=Official website of Sucheta Dalal |publisher=Sucheta Dalal |access-date=22 May 2018}}</ref>
He took the price of ACC from ₹200 to ₹9,000. That was an increase of 4,400%.The stock markets were overheated and the bulls were on a mad run. Since he had to book profits in the end, the day he sold was the day when the markets crashed.<ref name="IT">{{cite news |last1=Pathak |first1=Rahul |title=Securities scandal: Investigators haul in more people, discover ever-widening net |url=https://www.indiatoday.in/magazine/economy/story/19920715-securities-scandal-investigators-haul-in-more-people-discover-ever-widening-net-766548-2013-01-03 |access-date=22 May 2018 |publisher=India Today |date=2 January 2013}}</ref><ref>{{Cite web|title=Scam 1992: Was Harshad Mehta the mastermind or fall guy of securities fraud? A bit of both|url=https://www.cnbctv18.com/market/scam-1992-was-harshad-mehta-the-mastermind-or-victim-of-securities-fraud-a-bit-of-both-7296211.htm|access-date=2020-10-27|website=cnbctv18.com|language=en-US}}</ref>

===Outbreak of 1992 securities fraud===

On 23 April 1992, journalist [[Sucheta Dalal]] exposed illegal methods in a column in [[The Times of India]]. Mehta was dipping illegally into the banking system to finance his buying.

A typical ready forward deal involved two banks brought together by a [[broker]] in lieu of a [[Commission (remuneration)|commission]]. The broker handles neither the cash nor the securities, though that was not the case in the lead-up to the fraud. In this settlement process, deliveries of securities and payments were made through the broker. That is, the seller handed over the securities to the broker, who passed them to the buyer, while the buyer gave the cheque to the broker, who then made the payment to the seller. In this settlement process, the buyer and the seller might not even know whom they had traded with, either being known only to the broker. This the brokers could manage primarily because by now they had become [[market maker]]s and had started trading on their account. To keep up a semblance of legality, they pretended to be undertaking the transactions on behalf of a bank.

Mehta used forged BRs to gain unsecured loans, and used several small banks to issue BRs on demand. Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, assuming that they were lending against government securities when this was not really the case. This money was used to drive up the prices of stocks in the stock market. When time came to return the money, the shares were sold for a profit and the BR was retired. The money due to the bank was returned.

This went on as long as the stock prices kept going up, and no one had a clue about Mehta's operations. Once the fraud was exposed, though, a lot of banks were left holding BRs which did not have any value – the banking system had been swindled of a whopping {{INRConvert|40|b|lk=on|year=1992}}. He knew that he would be accused if people came to know about his involvement in issuing cheques to Mehta. Subsequently, it transpired that [[Citibank]], brokers like Pallav Sheth and Ajay Kayan, industrialists like [[Aditya Birla]], Hemendra Kothari, a number of politicians, and the RBI Governor [[S. Venkitaramanan|S.Venkitaramanan]] all had played a role in allowing or facilitating Mehta's rigging of the share market.<ref name="Indiatoday">{{cite news |last1=Chakravarti |first1=Sudeep |title=Book review: Debashis Basu's 'The fraud: Who Won, Who Lost, Who Got Away' |url=https://www.indiatoday.in/magazine/society-the-arts/books/story/19930415-book-review-debashis-basu-the-fraud-who-won-who-lost-who-got-away-810966-1993-04-15 |access-date=30 January 2018 |publisher=India Today |date=15 April 1993}}</ref>

==In popular culture==

=== Books ===

* Mehta's life and his 1992 scam are covered in great detail by Sucheta Dalal and Debashis Basu in their book ''The Scam: from Harshad Mehta To [[Ketan Parekh]]''.<ref>{{ISBN|8188154024|9788188154029}}</ref><ref>{{Cite book|last=Basu, Debashis, 1960-|url=https://www.worldcat.org/oclc/496105068|title=The scam : from Harshad Mehta to Ketan Parekh|date=2007|publisher=KenSource Information Services|others=Dalal, Sucheta|isbn=978-81-88154-02-9|edition=Updated 3rd |location=Mumbai|oclc=496105068}}</ref>

=== Films and television ===
* ''[[Scam 1992]]'', streaming on [[SonyLIV]] and produced by [[Applause Entertainment]] is based on his life.<ref>{{cite news|url=https://www.mumbailive.com/en/digital/sonyliv-releases-the-trailer-of-web-series-scam-1992-on-harshad-mehta-stock-market-scam-54174 |title=SonyLIV Releases The Trailer Of 'Scam 1992' Based On Harshad Mehta's 1992 Stock Market Scam |access-date=17 August 2020}}</ref>
* The character Natwar Shah in movie [[Aankhen (1993 film)|''Aankhein'']] (1993), placed under scanner for a multi-[[crore]] scandal, was inspired by Harshad Mehta.<ref>{{cite web |url=http://indiatoday.intoday.in/story/aankhen-may-become-a-box-office-classic/1/302561.html |title=Aankhen may become a box-office classic |access-date=31 December 2013 |publisher=indiatoday.intoday.in}}</ref>
* The Mehta scandal was portrayed in the [[Bollywood|Hindi movie]], ''[[Gafla]]''. It was premiered in [[London Film Festival|Times BFI 50th London Film Festival]] on 18 October 2006.<ref>{{cite web |url=http://www.nowrunning.com/movie/3469/bollywood.hindi/gafla/review.htm |title=Movie based on Harshad Mehta released |access-date=20 April 2012 |publisher=NowRunning.com}}</ref>
* Harshad Mehta was mentioned in the 2018 TV show ''[[Yeh Un Dinon Ki Baat Hai]]'' based on 1990s' Ahmedabad.
* The Mehta scandal was portrayed in the Hindi Webseries, ''The Bull Of Dalal Street''. It was premiered in [[Ullu App]] on 21 February 2020.
* A Bollywood film ''[[The Big Bull]]'', starring [[Abhishek Bachchan]], loosely based on his life and financial crimes is under production. The film is yet to be released.

==See also==
* [[Ramalinga Raju]]
* [[Hasan Ali Khan]]
* [[List of scandals in India]]

==References==
{{Reflist}}

==External links==
* [https://www.nytimes.com/1992/06/09/business/huge-financial-scandal-shakes-indian-politics.html NY Times Article on Harshad Mehta]
* [https://uttarnews.com/harshad-mehta-scam/ Harshad Mehta Story]

{{DEFAULTSORT:Mehta, Harshad}}
[[Category:1954 births]]
[[Category:2001 deaths]]
[[Category:Businesspeople from Mumbai]]
[[Category:Scandals in India]]
[[Category:People from Rajkot district]]
[[Category:Indian fraudsters]]
[[Category:Stockbrokers]]
[[Category:Indian investors]]