Harshad Mehta is an Honest Man, says real Sucheta Dalal Scam 1992. In an interview, Sucheta Dalal says that “Harshad Mehta was having Rs 2000 Crore assets during 1992. Harshad Mehta was making huge profits in the stock market. And he would return every money he had taken from the banks.
Scam 1992: Story based on a real-life story of a stockbroker Harshad Mehta. Harshad Shantilal Mehta was an Indian stockbroker. He was born on 29 July 1965 in the Gujrati family. Popular Magazine ‘Business Today’ called him “The Amitabh Bachchan of the stock market.” The media started calling him “The Big Bull.”
Shreya Dhanwanthary played the role of the journalist Sucheta Dalal. She exposed the irregularities in the 1992 scam. She wrote the book “The Scam Who Win Who Lost” with his colleague and husband Mr. Debashish Basu. Also Read: Real Vs Reel: Characters In ‘Scam 1992.
Was Harshad Mehta Wrong Scam 1992?
Technically Harshad Mehta was wrong, as he bought money from the money market and invest it in the share market to rig share prices. This was the tactic followed by almost everyone in the share market. Theoretically, he was right as he was just finding some existing loopholes in the system and exploiting them. Harshad would have returned the money to SBI without any issue. Those who all followed Mr. Mehta made a huge sum of money in the market.
Harshad only followed the market practise which even the bear cartel was following. But due to his fame in the market, he made many enemies which at the end made him fall with full strategic plan.
Harshad Mehta is an Honest Man Scam 1992
In an interview, Sucheta Dalal says that “Harshad Mehta was having Rs 2000 Crore assets during 1992. Harshad Mehta was making huge profits in the stock market. And he would return every money he had taken from the banks. Harshad will return every money he has taken from SBI and other bank says, Sucheta Dalal. This proves that Harshad Mehta is an Honest Man.
Secondly, Sucheta also added that “The banks associated with Harshad Mehta made an extremely huge amount of profits.” including SBI. Harshad Mehta always made profits for his clients and associated banks. He was not like modern-day scammers like Vijay Mallya and Nirav Modi, who took the people’s hard-earned money and ran away from the nation. As a result, this proves that Harshad Mehta is an Honest Man.
The Indian banking systems were slow at that time in 1992 and there was a need for brokers who can help these banks in buying and selling securities. Harshad Mehta was one of the best brokers in the nation. The banks associated with Harshad Mehta made an extremely huge amount of profits.
As a result of the slow banking system, the brokers used the money to pump money into the stock market. However, the end of the big bull story started because of Harshad Mehta having political connections.
Scams Done By Mr. Harshad Mehta
Stamp paper scam
Bank receipt scam
Outbreak of 1992 securities scam
There was huge pressure maintained on the Government to get source of Harshad Treasury. As the nation economic condition was poor and Harshad was making huge profits.
However, Sucheta Dalal also stated that Harshad would not eat anyone’s money, He would return every money he has borrowed. Which as a result proves Harshad Mehta’s honesty. Learn More: Harshad Mehta Family Pics
Was Harshad Mehta Innocent?
Many financial experts believe that Harshad Mehta did not commit any fraud. He just exploited the existing loopholes in the system. Which was already done by most of the market players of that time. Many believe that Harshad Mehta is a Innocent man.