Last updated on December 19th, 2024 at 09:17 pm
Harshad Mehta: Net Worth, Family Legacy, and the Untold Story Behind His Death
Harshad Mehta was born on July 29, 1954, in Rajkot, Gujarat, India. He moved to Mumbai with his family at a young age. Growing up, Harshad showed an interest in the stock market.
About Harshad Mehta
Harshad Mehta was an Indian stockbroker and businessman known for his role in the Indian securities scam of 1992.
| Category | Details |
|---|---|
| Name | Harshad Mehta |
| Born | July 29, 1954 |
| Died | December 31, 2001 |
| Profession | Stockbroker |
| Notable For | 1992 Indian stock market scam |
| Education | Bachelor’s degree in Commerce from L. S. Raheja College of Commerce and Economics |
| Key Achievements | Known as the ‘Big Bull’ of Indian stock market |
| Company | Started his career with the firm of Harshad Mehta & Co. |
| Scandal | Involved in a major financial scandal involving manipulation of the stock market |
| Legacy | Remembered for his role in the Indian stock market scam, which led to significant reforms in financial regulations |
| Net Worth | Approx ₹4,000 crore |
Key Accomplishments
- Pioneered the use of the ready forward (RF) deal in the Indian stock market.
- Achieved significant wealth and influence during his career.
- Became a central figure in the stock market boom of the late 1980s.
Rise to Fame
In the 1980s, Harshad Mehta became a stockbroker. He started making a name for himself on Dalal Street. By the early 1990s, he was known as the “Big Bull” of the Indian stock market. His aggressive trading strategies led to a rapid rise in his wealth and fame.
Net Worth
At the peak of his career in 1992, Harshad Mehta’s net worth was estimated to be in the millions. In Indian rupees, it was a staggering amount, making him one of the richest people in the country at the time.
The Scam and Downfall
In 1992, Harshad Mehta was accused of being involved in a massive stock market scam. He manipulated stock prices and misused bank funds. The scam led to a crash in the stock market and exposed major loopholes in the Indian banking system. Harshad Mehta was arrested and faced numerous legal battles.
Death
Harshad Mehta died on December 31, 2001, at the age of 47. He suffered a heart attack while in police custody.
Family Today
Harshad Mehta’s family faced tough times after his downfall. His son, Atur Mehta, keeps a low profile. The family’s current financial status is not widely known, but they are believed to have faced significant financial difficulties.
Atur Mehta, the son of the infamous stockbroker Harshad Mehta, has a net worth estimated at around ₹6 crore (approximately $750,000 USD) as of 2024.
Legacy
Harshad Mehta’s story is a mix of genius and controversy. He is remembered for his remarkable rise and the shocking scam that brought him down. His life has inspired books, documentaries, and a popular web series.
Harshad Mehta’s House
During his heyday, Harshad Mehta owned a luxurious house in Mumbai. The house became a symbol of his success and wealth. Today, it stands as a reminder of the high and low points of his life.
Career Highlights
Harshad Mehta started his career as a salesperson with New India Assurance Company. He later transitioned to the stock market, where he gained attention for his bold trading strategies and ability to manipulate stock prices.
Impact and Contributions
Mehta’s actions during the securities scam brought attention to systemic flaws in India’s financial regulatory framework and led to reforms in the stock market.
Recognition and Controversy
Harshad Mehta’s life was marked by both admiration and controversy. He faced legal battles and investigations related to his involvement in financial irregularities.
Photo
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