Scam 1992:the story of Harshad Mehta

Hi you all!!

  Wlkm to my another post... this post will gonna convert a 6 hrs web series into a short story and that is about the 1992 scam!!!!

  Yes!

   The 1992 scam was committed by an indian businessman named HARSHAD MEHTA.....

   

   HERE IS THE WHOLE STORY --

Who was harshad mehta?-

   Harshad Mehta was born on 29 July 1954 in Panel Moti, Rajkot, Gujarat into a small business man family. Harshad Mehta's childhood was spent in Kandi Wali, Mumbai and he did his schooling from Holy Cross Beron Bazar Secondary School in Mumbai. After passing the twelfth, Harshad Mehta studied B.com from Lajpat Rai College and then did small jobs for the next eight years. After passing B.Com in 1976, Harshad made his first job as a sales person in New India Assurance Co. Ltd. And that is how his interest turned to the stock market and he quit his job and joined a job in a brokerage firm named Harijivan Das Nemidas Securities and accepted Prasad Parjeevindas as his mentor. Working with Prasanna Parjeevindas, Harshad Mehta learned all the tricks of the stock market and started his own company called Grow More Researchers and Asset Management in 1984 and took membership as a broker on the Bombay Stock Exchange And from here started the journey of that uncrowned king of the stock market, who later came to be called the stock market Amitabh Bachchan and Raging Bull.

What was the scam?-

during 1990s, big investors started investing in Harshad Mehta's company but the actual reason behind his success in stock market was ACC ( Associated Cement Company ).

     when Harshad invested money in ACC the share value of ACC Rose from 200 to 9000!!!!

      and that's how the fate of ACC completely changed..

      By 1990, Harshad Mehta's name started coming on the cover of every major newspaper, magazine. In the stock market, Harshad Mehta's name started to be taken very widely. It was for the first time that a small broker is continuously investing so much and earning crores with every investment. Just this question transformed Harshad Mehta's good days into bad days. The question was, where is Harshad Mehta getting so much money from??

      In 1992, Harshad Mehta's secret was exposed by times of India journalist Sucheta Dalal. Sucheta Dalal told that Harshad Mehta used to take a 15-day loan from the bank and put it in the stock market. Also, within 15 days he used to return the money with profit to the bank. But no one gives a loan for 15 days, but Harshad Mehta used to take a 15 day loan from the bank. Harshad Mehta would make a fake BR from one bank, after which he would get money easily from another bank too. However, after it was disclosed, all the banks demanded their money back and nearly 73 criminal charges were imposed on him

      How he died??

    Harshad Mehta was facing many cases but he was found guilty in only 1 case. The Supreme Court found him guilty and sentenced him jail for 5 years and a fine of Rs 25,000. Mehta was kept in Thane jail. Later on 31 December 2001, he complained pain in the chest, after which he was admitted to Thane Civil Hospital where he died. 

        Harshad mehta, the BIG BULL👇👇