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When we talk about the most infamous names in Indian stock market history, Harshad Mehta tops the list. Known as the Big Bull, Mehta’s financial journey—from a humble beginning to becoming a stock market legend and then a criminal—remains one of the most fascinating stories in India’s financial world. In this article, we’ll break down Harshad Mehta’s net worth, his lifestyle, investments, and what happened after his scandalous fall.
Who Was Harshad Mehta?
Harshad Mehta was a stockbroker and businessman born on July 29, 1954, in Rajkot, Gujarat. He moved to Mumbai and worked various jobs before landing in the finance sector. Eventually, he became one of the most powerful stock market players in India during the early 1990s.
Mehta was known for his flashy lifestyle, high-end cars, and influence in financial circles. But behind the scenes, he was manipulating the banking system to funnel funds into the stock market—leading to the 1992 securities scam.
How Rich Was Harshad Mehta?
During his peak, Harshad Mehta’s net worth was estimated to be between ₹1,000 to ₹2,500 crore (approximately $300–$700 million at that time). This figure isn’t officially confirmed, but it gives a glimpse of the kind of wealth he amassed in a short span.
Key Assets:
- Multiple luxurious flats in Mumbai
- Imported luxury cars (Toyota Lexus, Mercedes-Benz)
- Lavish office space in Nariman Point
- Investments in stocks and properties across India
His sudden wealth shocked India, where such opulence was rare in the financial sector. He became the poster boy for stock market success, and his every move was tracked by media and retail investors.
The 1992 Stock Market Scam
Mehta exploited loopholes in the banking system by using ready forward deals (RFs) and fake bank receipts to borrow large sums of money from banks. He then pumped this money into stocks, inflating prices artificially.
Popular Stocks He Manipulated:
- ACC (Associated Cement Companies)
- Sterlite Industries
- Videocon
The scam came to light in 1992 when a journalist, Sucheta Dalal, exposed Mehta’s methods in The Times of India. It led to an investigation by the CBI and SEBI, causing a massive stock market crash and wiping out billions in investor wealth.
Legal Troubles and Death
After the scam, over 70 criminal cases and 600 civil suits were filed against Harshad Mehta. He spent time in jail and was later granted bail. In December 2001, Mehta died of a heart attack in Thane jail at the age of 47.
At the time of his death, his net worth had dwindled due to legal costs, asset seizures, and market crashes. However, even then, many assets were tied up in court proceedings.
Harshad Mehta’s Net Worth After Death
Following his death, the Income Tax Department claimed that Mehta still owed over ₹11,000 crore in taxes. His wife, Jyoti Mehta, continued to fight legal battles to recover dues and clear the family name.
In 2019, Jyoti won a legal case against a broker and recovered nearly ₹6 crore, showing that some of Harshad’s wealth was still recoverable.
Pop Culture and Legacy
Harshad Mehta’s story was revived in popular culture through the Sony Liv web series “Scam 1992: The Harshad Mehta Story,” based on the book by Sucheta Dalal and Debashis Basu. The show became a huge hit and brought his story to a new generation.
Key Lessons from His Story:
- Loopholes in financial systems can have massive consequences.
- Greed and ambition without ethical boundaries can destroy reputations.
- Transparency in financial dealings is critical for market integrity.
Final Thoughts on Harshad Mehta Net Worth
Though it’s tough to determine the exact net worth of Harshad Mehta, at his peak he was one of the richest stockbrokers in India. His rise and fall serve as a cautionary tale about unchecked ambition and the dark side of financial manipulation.
Whether you see him as a genius or a fraud, there’s no denying that Harshad Mehta changed India’s financial landscape forever.
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