Harshad Mehta

Harshad Shantilal Mehta
Born
Harshad Mehta

(1954-07-29)29 July 1954
Paneli Moti, Saurashtra State (now in Gujarat), India
Died31 December 2001(2001-12-31) (aged 47)
Thane, Maharashtra, India
Occupations
Criminal penalty5 years rigorous imprisonment

Harshad Shantilal Mehta (29 July 1954 – 31 December 2001) was an Indian stockbroker and businessman also a convicted fraudster. Mehta's involvement in the 1992 Indian securities scam (about ₹30,000 crore) led him to gain infamy for market manipulation.[1]

Of the 27 criminal charges brought against Mehta, he was only convicted of four, before his death (by sudden heart attack) at age 47 in 2001.[2] 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[3] for his part in a financial scandal valued at ₹100 billion (US$1.2 billion) which took place on the Bombay Stock Exchange (BSE). The scandal exposed the loopholes in the Indian banking system and the 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 from a heart attack.[4][5]

  1. ^ "The securities scam of 1992 – CBI Archives". cbi.gov.in. CBI (Central Bureau of Investigation), India. Retrieved 22 May 2018.
  2. ^ "Action against Harshad Mehta, Videocon, BPL and Sterlite (Press release 19 April 2001)". sebi.gov.in. SEBI (Securities and exchange board of India). Retrieved 30 January 2018.
  3. ^ "SC upholds Harshad Mehta's conviction". The Times of India. 14 January 2003. Archived from the original on 23 October 2013. Retrieved 14 October 2012.
  4. ^ "Admires of Harshad Mehta". Business Line.
  5. ^ "Harshad Mehta's scam unfold". Rediff.com.