Harshad Mehta, famously known as “The Big Bull” of the Indian stock market, was a name that dominated headlines in the 1990s. A sharp-minded stockbroker, he revolutionized the Indian stock market with his bold strategies and meteoric rise. However, his legacy is forever tied to the infamous 1992 stock market scam, which exposed the darker side of his financial empire. Despite his controversial life, Harshad Mehta remains a fascinating figure in India’s financial history.
In this article, we’ll explore Harshad Mehta’s net worth, his rise to fame, his family, and the events that led to his downfall.
Table of Contents
Harshad Mehta: Early Life and Education
Born on July 29, 1954, in a small Gujarati family in Paneli Moti, Rajkot District, Gujarat, Harshad Shantilal Mehta had humble beginnings. His family later moved to Mumbai, where he spent most of his childhood in the Kandivali area.
Harshad completed his schooling at Holy Cross Senior Secondary School in Chhattisgarh and later pursued a Bachelor of Commerce (B.Com) degree from Lala Lajpat Rai College of Commerce and Economics in Mumbai.
After completing his education, Harshad worked various odd jobs, including a sales position at New India Assurance Company, before entering the world of stockbroking.
Here’s a detailed table summarizing Harshad Mehta’s Net Worth and related financial aspects during his rise and fall:
| Category | Details |
| Estimated Net Worth (Peak) | ₹3,000–₹4,000 crores (adjusted for inflation) |
| Primary Source of Wealth | Stock market trading, manipulation, and exploiting banking loopholes |
| Major Investments | Blue-chip companies like ACC, Apollo Tyres, and Reliance Industries |
| Assets | – 15,000 sq. ft. sea-facing penthouse in Mumbai |
| – Fleet of luxury cars, including a Toyota Lexus | |
| Stock Market Influence | Known for driving stock prices to unprecedented levels |
| Wealth Decline | Post-1992 scam exposure, assets seized, and legal battles |
| Legal Penalties | Multiple charges of fraud and conspiracy; fines and asset confiscation |
| Net Worth at Death (2001) | Significantly reduced due to legal cases and asset seizures |
| Legacy in Popular Culture | Portrayed as “The Big Bull” in movies and web series like Scam 1992 |
The Rise of Harshad Mehta
Harshad Mehta’s journey in the stock market began in the early 1980s when he joined a brokerage firm. By 1984, he had gained enough experience to start his own company and became a member of the Bombay Stock Exchange (BSE).
Known for his sharp mind and risk-taking abilities, Harshad quickly rose to prominence. He was nicknamed the “Amitabh Bachchan of the Stock Market” for his larger-than-life persona and ability to manipulate stock prices.
Key Highlights of His Career:
- Stock Market King: Harshad Mehta became a household name in the 1990s, with his name frequently appearing on the front pages of newspapers and magazines.
- Lavish Lifestyle: He lived in a luxurious 15,000-square-foot sea-facing penthouse in Mumbai and owned a fleet of expensive cars, including a Toyota Lexus.
- Influence in the Market: Harshad’s ability to drive stock prices made him a favorite among industrialists and investors.
Harshad Mehta Net Worth
At the peak of his career, Harshad Mehta’s net worth was estimated to be in the range of ₹3,000–₹4,000 crores (adjusted for inflation). His wealth came from his stock market operations, which involved manipulating stock prices and exploiting loopholes in the banking system.
How Did Harshad Mehta Build His Wealth?
- Stock Market Manipulation: Harshad used a technique called “circular trading” to artificially inflate stock prices.
- Banking System Exploitation: He exploited the lack of regulations in the banking system to divert funds into the stock market.
- High-Profile Investments: Harshad invested heavily in blue-chip companies, driving their stock prices to unprecedented levels.
However, his wealth and success were short-lived, as the 1992 stock market scam exposed the fraudulent methods behind his empire.
The 1992 Stock Market Scam
Harshad Mehta’s downfall began when journalist Sucheta Dalal exposed his involvement in a ₹5,000-crore scam. The scam involved diverting funds from banks to manipulate stock prices, creating a bubble that eventually burst.
Key Details of the Scam:
- Harshad used fake bank receipts (BRs) to obtain funds from banks, which he then invested in the stock market.
- The scam caused massive losses to banks and investors, shaking the foundation of India’s financial system.
- Harshad was arrested and faced multiple charges, including fraud and criminal conspiracy.
Harshad Mehta’s Family
Harshad Mehta was married to Jyoti Mehta, and the couple had a son named Atur Mehta. His brother, Ashwin Mehta, was also involved in his business and later became a lawyer, fighting legal battles related to the scam.
Family Members:
- Father: Shantilal Mehta (a small textile trader)
- Mother: Rasilaben Mehta
- Siblings: Three brothers – Ashwin Mehta, Hitesh Mehta, and Sudhir Mehta
- Wife: Jyoti Mehta
- Son: Atur Mehta
Despite the controversies surrounding Harshad, his family has maintained a low profile in recent years.
Harshad Mehta’s Death
On December 31, 2001, Harshad Mehta passed away at the age of 47 due to a heart attack while in custody at Thane Civil Hospital. His death marked the end of a dramatic chapter in India’s financial history.
Harshad Mehta in Popular Culture
Harshad Mehta’s life and the 1992 scam have inspired several movies and web series, the most notable being “Scam 1992: The Harshad Mehta Story”, a critically acclaimed web series on SonyLIV. The series, based on Sucheta Dalal’s book The Scam: Who Won, Who Lost, Who Got Away, brought Harshad’s story to a new generation of viewers.
Conclusion
Harshad Mehta remains one of the most controversial figures in India’s financial history. While his sharp mind and bold strategies earned him the title of “The Big Bull”, his involvement in the 1992 stock market scam tarnished his legacy.
Despite his downfall, Harshad’s story continues to captivate audiences, serving as a cautionary tale about the risks of unchecked ambition and greed. His life, marked by immense success and dramatic failure, is a reminder of the importance of ethics and transparency in the financial world.
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FAQs
1. What was Harshad Mehta’s net worth at his peak?
At the height of his career, Harshad Mehta’s net worth was estimated to be around ₹3,000–₹4,000 crores (adjusted for inflation). His wealth came from stock market operations and exploiting loopholes in the banking system.
2. How did Harshad Mehta die?
Harshad Mehta passed away on December 31, 2001, due to a heart attack while in custody at Thane Civil Hospital. He was 47 years old at the time of his death.
