<!-- Deleted image removed: -->Harshad Shantila Mehta
() was an Indian stockbroker
. He is alleged to have engineered the rise in the BSE
stock exchange in 1992. Exploiting several loopholes in the banking system, Metha and his associates siphoned off funds from inter-bank transactions and bought shares heavily at a premium across many segments, triggering a rise in the Sensex
. When the scheme was exposed, banks started demanding their money back, causing the collapse. He was later charged with 72 criminal offenses
, and more than 600 civil action suits were filed against him. Mehta died in 2002 with many litigations still pending against him.
Harshad Shantilal Mehta was born on 29 July 1954 in a Gujarati Jain family of modest means. His early childhood was spent in Mumbai (Kandivali), where his father was a small-time businessman. Later, the family moved to Raipur in Chattisgarh
after doctors advised his father to move to a drier place on account of his health. Mehta studied in Holy Cross Higher Secondary School, Byron Bazar, Raipur......
Stock Market Scam
Mehta gradually rose to become a stock broker on the Bombay Stock Exchange and had an expensive lifestyle. He lived in a apartment, which had a swimming pool as well as a golf patch.By 1990, Mehta had risen to prominence in the stock market. He was buying shares heavily. The shares which attracted attention were those of Associated Cement Company (ACC). The price of ACC was bid up to Rs 10,000. When... Read More