PERSONAL INFORMATION
Full Name: Harshad Shantilal Mehta [1] The Quint
Names Earned: The Big Bull & The Amitabh Bachchan of Stock Market [2] The Quint
Profession: Stockbroker
Famous For: Masterminding the 1992 Stock Market Scam of over INR 4000 crore rupees
Date of Birth: 29 July 1954 (Thursday)
Birthplace: Paneli Moti, Rajkot District, Gujarat
Age (at the time of death): 47 Years
Zodiac sign: Leo
Nationality: Indian
Hometown: Paneli Moti, Rajkot District, Gujarat
Age: 47 Years
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EDUCATION
School: Holy Cross Senior Secondary School, Raipur, Chhattisgarh
College/University: Lala Lajpat Rai College of Commerce and Economics, Mumbai (1976)
Educational Qualification: B.Com [4] The Quint
Education: B.Com
FAMILY & RELATIONSHIPS
Marital Status (at the time of death): Married
Wife/Spouse: Jyoti Mehta
Children: Son – Atur Mehta Daughter – None
Parents: Father – Shantilal Mehta (Businessman) Mother – Rasilaben Mehta
Siblings: Brother – Sudhir Mehta, Hitesh Mehta & Ashwin Mehta (Advocate) Sister – None
OTHER INFORMATION
Date of Death: 31 December 2001 (Monday)
Place of Death: Thane Civil Hospital, Mumbai
Death Cause: Heart Ailment [3] The Times of India
Death Date: 31/12/2001
INTERESTING BACKGROUND INFORMATION
Harshad Mehta, born into a Gujarati Jain family, emerged as one of India’s most notorious stockbrokers, notorious for orchestrating the 1992 stock market scam, which is considered the largest financial fraud in the country’s history. His journey began humbly; after graduating in 1976, he embarked on a series of odd jobs over the next eight years. During this period, he dabbled in various occupations—from cement contracting to selling hosiery, sorting diamonds, and working as an insurance clerk. These diverse experiences laid the groundwork for his future ventures in the dynamic world of finance.
It was while working as an insurance agent for New India Assurance Company Limited in Bombay that Mehta’s interest in the stock market ignited. In 1981, emboldened by his newfound passion, he left his stable job to work as a jobber for stockbroker Prasann Pranjivandas, whom he regarded as his mentor. This pivotal career move in the early 1980s set the stage for his eventual membership in the Bombay Stock Exchange (BSE) in 1984, where he established his own brokerage firm, GrowMore Research and Asset Management. Harshad quickly became a prominent figure in the stock market, employing a unique and secretive strategy to amass wealth by manipulating security prices and exploiting loopholes in the banking system.
By the end of 1991, Harshad Mehta’s audacious trading tactics had transformed him into a figure of fascination, with the media dubbing him the “Big Bull” and the “Amitabh Bachchan of the Stock Market.” He skillfully manipulated shares of notable companies, notably taking the price of ACC Cement from Rs 200 to an astronomical Rs 9000 in just three months. His extravagant lifestyle, epitomized by a lavish sea-facing 15,000 square feet penthouse in Mumbai, added to the intrigue surrounding his persona. However, the thrill of his success was short-lived. The facade began to crumble when journalist Sucheta Dalal, curious about his ostentatious lifestyle, delved into the sources of his wealth. Her investigative efforts culminated on April 23, 1992, when she published an exposé in The Times of India detailing his elaborate scheme to siphon off Rs 500 crores from the State Bank of India.
As the truth unraveled, panic spread in the financial markets. Shareholders started selling off their assets en masse, triggering a catastrophic stock market crash that obliterated trillions in investors’ wealth within a matter of weeks. The Central Bureau of Investigation (CBI) subsequently arrested Harshad Mehta and his brothers in November 1992, charging him with 72 criminal offenses and being implicated in over 600 cases initiated by various banks and institutions. After spending three months in jail and securing bail with the help of renowned lawyer Ram Jethmalani, Mehta held a press conference making shocking allegations of having bribed then-Prime Minister Narasimha Rao to evade prosecution—claims that were vehemently denied by the Indian National Congress Party and remained unsubstantiated.
In the aftermath of the scandal, the Reserve Bank of India established the Janakiraman Committee to probe the matter, which ultimately reported a staggering scam amounting to Rs 4025 crores—equivalent to approximately Rs 24000 crores today. Despite being convicted in the Maruti Udyog Ltd fraud case in 1999, sentencing him to five years in prison, Harshad Mehta’s legacy continued to resonate in popular culture, inspiring films and web series. Notably, the 2020 Hindi web series “Scam 1992 – The Harshad Mehta Story” gained significant acclaim, while a film titled “The Big Bull,” featuring Abhishek Bachchan, was also in the pipeline. Years after his death from a heart attack on December 30, 2001, his wife Jyoti launched a website in July 2022, asserting that his death was due to medical negligence in prison and highlighting the lasting impact of the 1992 scandal on their family.
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Note: All biographical information compiled from publicly available sources.