Harshad Shantilal Mehta was a famous stockbroker, mostly so because of his stock scam, India’s most infamous one that happened in 1992.
Harshad Mehta Age and Place of Birth
Harshad was born on 29 July in 1965 and passed away on 31st December aged 47. He was born and raised in India.
Harshad Mehta Education Background.
Mehta schooled at Lajpatrai College where he pursued a Bachelor of Commerce degree.
Harshad Mehta Career Journey, Scandals, Scams and Source of Wealth
His career began humbly doing simple jobs such as selling building materials. His interest in stocks pitched working at New Indian Assurance Company Limited and began exploring it at a brokerage firm. He later gained foot at Bombay Stock Exchange and later developed his own brokerage company.
He soared the ranks attaining a lot of attention from the media and the public with several people celebrating his genius in stock trade. In the 90s, he was referred to as The Big Bull making a tremendous earning from his trading and built himself a mansion in Worli. He also spent his money in purchasing some of the most expensive vehicles clearly distincting him from the rest of the population.
His downfall came with the Harshad Mehta Scam where he scammed an approximated 4000 crores. He had banks give him money to buy them government securities and before he completed the transaction between the two banks, he would use the funds to trade in shares that were performing very well and, in the process, retain his massive middleman profits. He upscaled this and went in for fake bank receipts to make his transactions easier and engaged even more banks.
He made a fortune but was soon exposed in 1992 by The Times of India column editor Dalal Sucheta. The financial institutions he scammed using fake receipts made huge losses. His actions had costed investors insurmountable money sums. On his arrest, he was charged with more than 600 cases.
Harshad Mehta Personal Life, wife, Children
Prior to his death due to a heart condition, he was a family man who provided for and gave his family a luxurious life. His wife – Jyoti Mehta had a son with Mehta called Atul. His brothers were Sudhir, Hitesh and Ashwin Mehta.
Harshad Mehta Net worth and Assets, Source of his wealth
He made a fortune from his scandalous trading and owned several assets. This included luxury vehicles, a mansion in Worli and several other assets. His estimated net worth
|Real Name||Harshad Shantilal Mehta|
|Age||47 at the time of his death|
|Place of Birth||Gujarat, India|
|Net worth||$7.1 Billion|