Biography of Harshad Mehta

Harshat Mehta has got fame as the famous stock broker of the country, for this reason he is also called ‘The Big Bull’. about the stock market Harshad Mehta He had good knowledge, because of this he had achieved good success in this field. His name is known as the person who changed the stock market of the country. In the year 1992, Harshad was told to play the main role in the famous 4 thousand crore scam of the country’s stock market. In this article you will get a chance to know the life and work of Harshat Mehta.

biography of harshad mehta
biography of harshad mehta
Real NameHarshad Shantilal Mehta
custom nameThe Big Bull, Amitabh Bachchan of Stock Market
date of birth29 July 1954
place of birthPaneli Moti, Rajkot District (Gujarat)
Businessstock broker
death31 December 2001

Harshad Mehta: Birth and Early Life

Harshad Mehta, popularly known as The Big Bull, was born on 29 July 1954 in Panel Moti, Rajkot district of Gujarat state. His father’s name was Shantilal Mehta and mother’s name was Resilaben Mehta. His childhood full name was Harshad Shantilal Mehta. There were three brothers in his family. His father had a small textile mill business in Kandivali, Mumbai. His childhood was spent in Kandivali, Harshad’s father used to handle the entire business on his own, but his business could not run properly in Mumbai. After some time, his entire family went to live in Modhapara, Raipur (Madhya Pradesh).

Harshad’s family members

FatherShantilal Mehta
MotherRasilaben Mehta
BrotherAshwin, Hitesh and Sudhir

education and family

Harshad did his schooling from Holy Cross Higher Secondary School in Raipur city of Chhattisgarh. After this, in the year 1976, he took admission in Lala Lajpat Rai College, Mumbai. In his higher education, he has obtained the degree of B.Com. After leaving college, he also did small jobs. After this he got married to Jyoti and he has a son Atur Mehta in his family.

Harshad’s stock market career

After completing his college education, Harshat started a job in an insurance company and used to do a sales job here. After this he started a job in Harijivandas Nemidas Securities brokerage firm. During this job, Harshad got a good knowledge of stock market related information. Giving the credit of his knowledge to his Guru Prasanna Parijeevandas, he used to call him his Guru. After getting a good knowledge of the stock market while working here, in the year 1984, Harshad started his own company Grow More Investors and Asset Management. Also he took membership of Mumbai Exchange. After a few days, Harshad started appearing in the headlines of newspapers and news.

Now big industrialists were ready to hold meetings to work with him. Especially in the field of stock market, one name Harshad had got a lot of respect. His name became more famous in the stock market when Harshad started investing his money in ACC (Associate Cement Company). After Harshad’s investment in ACC company, the days of this company changed. The ACC company whose one share was priced at Rs 200 had now reached Rs 9,000. Everyone was surprised about his ability that how suddenly he got so much success in the stock market.

Details of controversies and scams related to Harshad

At this time, Harshad’s name started appearing in magazines and news pages related to stock market day by day. From his 1500 square feet house to expensive vehicles, discussions were happening all over the world. It was seen for the first time that a small stockbroker was making profit of crores while investing such amount. In the 1990s, banks were not allowed to invest in the equity market. At this point, if the bank had to deposit its bond with the other bank in order to get a loan from the other bank. This work was done through a broker. But there was a shortcoming in this work, which Harshad took advantage of.

When any bank needed a short term loan, they used to take this type of loan. This loan was for a period of 15 days. And after this time period, he used to return the money with benefits. No one used to give loan to the bank for 15 days but Harshad Mehta used to take it. For this, they used to get money from another bank very easily by making fake BRs from one bank. Harshad used to do this work with the help of middlemen. But Harshad was aware of the nuances related to such transactions. He also used to take good advantage of his identity and famous name. Harshad made a good profit by investing the money received from the banks in the stock market.

Some experts say that at that time investing money on any stock was only profitable because at that time the stock market was in a profitable phase. The stock market was increasing day by day. Harshad took good advantage of this boom in the market. Even after this, Harshad continued his work and wrote his articles on stock market investment in magazines and newspapers. Through these articles, he was advising to invest money in those companies in which his own money was also invested.

how the scam was caught

Country’s well-known journalist Sucheta Dalal had worked to bring Harshad Mehta’s bank related scam in front of the world in the year 1992. According to him, Harshad Mehta was taking funds from Bank through Ready Forward (RF) deal. It used to be a short term loan deal. But after a disclosure about this, all the banks started demanding money from Harshad.

Also read: Which is the largest company in India?

action on scams

In front of the scam, 72 criminal cases were registered against you Harshad. In addition, more than 600 civil action suits were filed against him. After this SEBI banned him from stock market activities for life. Harshad was accused of 5000 crores by the Supreme Court. The decision came after 24 years from the Supreme Court regarding the Harshad Mehta case. A special court in Mumbai nominated Harshad Mehta, his brother Sudhir Mehta and 6 others in the 700 crore scam. He was accompanied by senior bank officials and other stock brokers in this multi-crore scam.

Harshad’s death

Stockbroker Harshad Mehta, who lived a vicious and controversial life, also died in a very mysterious way. He was sentenced to 5 years in one case after being found guilty. He was kept in Thane (Mumbai) jail. On the night of 31 December 2001, around 11 pm, he developed chest pain and died on his way to the Civil Hospital, Thane. Harshad was only 47 years old at the time of his death.

Some interesting facts related to Harshad Mehta
  • In his time, Harshad was called the uncrowned king of the stock market / Amitabh Bachchan and The Big Bull.
  • Harshad’s identity was to make a lot of money in a short time in the stock market.
  • His father was the owner of a small company and his family was a middle-class family.
  • They used to take money on loan by giving fake receipts to banks and invest it in the stock market.
  • In this way, 72 criminal cases and more than 600 civil cases were registered after the scams came to the fore.
  • Out of all the cases against him, Harshad was convicted only in one and no evidence could be found in respect of the rest.
  • In the year 1993, Harshad also accused the then PM Narasimha Rao of taking a bribe of 1 crore, but this could not be proved.

Questions related to life introduction of Harshad Mehta

What were the charges against Harshad Mehta?

Harshad was accused of getting fake BRs made from a bank. By this they used to withdraw money from other banks. As long as there was good business in the stock market, no one was aware of this, but during the recession, this mess came to the fore.

What is the net worth of Harshad Mehta?

When Harshad Mehta was alive, his total assets were estimated to be around Rs 3542 crores.

When and how did Harshad Mehta die?

Harshad died on 31 December 2001 between 11 to 12 in the night. According to his wife Jyoti, at 11 a.m. Harshad had to walk a long distance to reach the Thane hospital. After reaching there, the cardiogram confirmed the second major attack and after that he passed away.

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