If you’ve been on social media in the past few months, you’ll know about Scam 1992, the web series by Sony Liv. This is a true story based on one of the biggest scams the Indian stock market has ever seen. The man behind the scam is the now infamous Harshad Mehta. In this article, we will tell you about why he is important, Harshad Mehta’s property list and more importantly the details you need to know about Harshad Mehta house.
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Who is Harshad Mehta?
Harshad Mehta was a simple man who had humble beginnings. He grew up in Gujrat and moved to Mumbai after he finished his education. He tried many sales jobs, but his first real job was as a salesperson in New India Assurance Company Limited (NIACL), Mumbai.
When he was working here, he started to learn about stocks and quit to join a brokerage firm. This was about the 1980s, when he was here he met a broker called broker Prasann Pranjivandas, his guru. In 10 years he had worked up the ranks and was in a prominent position after working in many brokerage firms. By the 1990’s he was called ‘Amitabh Bachchan’ of the Indian stock market and the ‘Big Bull’ of Dalal Street.
What Was the 1992 Security Fraud About?
There are many brokers that are of the opinion that Harshad Mehta was not wrong, he just found loopholes in the stock market and used it to his advantage. There is proof that he had manipulated stocks by illegally obtaining money from several banks, he did this by using fake bank receipts. For Harshad, no bank was too big, he went to banks like State Bank of India (SBI) and the National Housing Bank (NHB).
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He took this money that he got from banks (illegally) and used it to drive up the price of certain company stocks like ACC, SPIC and Apollo Tyres, to name a few. He even came up with something called a ‘Replacement Cost Theory’ which also helped to send shares of rather random companies very high.
What made Harshad Mehta so wealthy so fast was his ability to risk a lot without fear, he was well connected and he did not let a loss stop him. It is said that Harshad Mehta almost sold his house to cover his debts and even used his own fortune to pay back clients to prove to them that everything was alright.
Things were all going his way until 23 April 1992, when there was an article about him in The Times of India by journalist Sucheta Dalal who exposed all his illegal methods. He had many cases against him and was sent to prison, he tried his best to prove himself innocent but died in prison at the age of 47 in 2001. Thanks to his scams there were many reforms made by the RBI and put into place so that this can never happen again.
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Harshad Mehta’s Net Worth
Harshad Mehta, often referred to as the “Big Bull” of the stock market, amassed a significant fortune during his lifetime. His net worth was estimated to be around $475 million, an amount that, in 1992, would be equivalent to approximately 3,542 crore Indian Rupees. This figure underscores the vast financial impact Mehta had on the stock market and his extraordinary position in the financial world of his time.
Harshad Mehta’s Family Updates
Aatur Harshad Mehta, son of the infamous stockbroker Harshad Mehta, has carved a niche for himself as a businessman, investor, and entrepreneur in Mumbai, India. Despite the shadow of his father’s controversial legacy, Aatur has pursued a career in stockbroking, choosing to remain out of the limelight and focusing on his entrepreneurial ventures instead.
The Mehta family’s journey has been fraught with challenges following Harshad Mehta’s involvement in a financial scandal that rocked India. His elder brother, Ashwin Mehta, took on the mantle of legal defender, turning to advocacy to navigate the complex web of legal battles that ensued after Harshad died in 2001. It wasn’t until 2018 that Ashwin was acquitted, marking a long period of legal struggle for the family.
In a turn of events that signaled a potential comeback, Harshad Mehta’s son, Aatur Mehta emerged in the public eye in 2018 after acquiring a significant stake in a textile company. This move hinted at the family’s efforts to rebuild and carve out a new path for themselves, despite the enduring legacy of legal and financial difficulties they have encountered over the years. The Mehta family’s story is a testament to resilience and the pursuit of new beginnings in the face of adversity.
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Harshad Mehta House in Mumbai
Most people are very curious about where Harshad Mehta’s house is and what it is like. Let’s take a look at Harshad Mehta’s real House. Coming from humble beginnings, it is obvious that one of the first things Harshad Mehta did when he made enough money was to buy a lavish house in Mumbai.
He invested in a 15,000 ft penthouse in Worli, Mumbai. Harshad Mehta’s house insides were so opulent that it even had a swimming pool and a min golf course. Some say that it was this kind of big-spending (Harshad Mehta’s penthouse) that drew unnecessary attention to him and unnecessary facts like the net worth of Harshad Mehta’s property.
Harshad Mehta’s house address is said to be Vandana CHS on Janki Kutir Road, Juhu. Here Mehta has two flats (Nos. 202 and 301), each of which is 1,150 square feet in size and has a breathtaking sea view.
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Harshad Mehta Properties
He bought a total of 9 houses in Madhuli Housing Cooperative Society, he combined all of these homes into one large home to accommodate his entire joint family. Harshad Mehta’s residence in worli was said to have a billiards room, a mini theatre, a mini-golf course, and a pool. The home was seized and had to be auctioned off, only 1 flat, flat number 31, which belongs to Rasila S Mehta, his mother, is not for sale.
There is also a house in Vandana Cooperative Housing Society (CHS), Juhu which is 1,150 sq. ft. which is a testament to Hardhad Mehta’s scam amount. The Special Court (TORTS) Act 1992, Ministry of Finance, Government of India has seized this and put the property on sale. Back in 2018 rumour had it that it would go for about 6 cr. as it was sea facing. As per the ruling, all the money that has been gotten from the sales will be used to clear thedues of the tax department, banks, and others.
Who Lived in Harshad Mehta’s House After The 1992 Scam?
There is a lot of curiosity about what happened to Harshad Mehta’s 15000 sq ft house after his downfall. After he was arrested for allegedly masterminding the 1992 scam, Harshad Mehta’s bungalow in Mumbai was seized by the government and auctioned off. The family was entangled in a fit of legal battles. After Harshad Mehta’s death as showcased in the heart-wrenching series-ending episode, his wife and brother continued their legal battles against the system for almost two more decades before they saw their tax demands removed by the Tax Tribunal in 2019. Harshad Mehta’s wife Jyoti and brother Ashwin still live in Mumbai. Media sources reveal that Ashwin Mehta is a High Court Lawyer in Mumbai now and he has fought several of Harshad Mehta’s cases
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Frequently Asked Questions
Q1. Who bought Harshad Mehta’s House?
Ans. Ashok Samani, a businessman and stockbroker won the bid for Harshad Mehta’s eight flats at Madhuli Building in Worli. His bidding price was just Rs 32.6 crore.
Q2. Where is Harshad Mehta now?
Ans. Harshad Mehta died of heart failure in the year 2001.
Q3. What is Harshad Mehta’s house price?
Ans. The net worth of Harshad Mehta’s House today is Rs. 32.6 crores. Harshad Mehta’s house was bought by Ashok Samani.
Q4. What is the total area of Harshad Mehta’s house?
Ans. Harshad Mehta’s House was a 15,000 ft penthouse in Worli, Mumbai. He shared this space with his joint family consisting of his mother, wife, kids, brother, and his family.
Q5. Is Harshad Mehta’s family still rich?
Ans. The financial status of Harshad Mehta’s family is not publicly disclosed, making it difficult to ascertain their current wealth.
