• Sat. Mar 6th, 2021

Harshad Mehta’s House in Mumbai and What you Need to Know About Him


If you’ve been on social media in the past few months, you’ll know that everyone is talking 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 seen. The man behind the scam is the now infamous Harshad Mehta. In this article we will tell you about why he is important, and more importantly the details you need to know about Harshad Mehta’s house.

harshad mehta house

Harshad Mehta Scam-1992
Harshad Mehta Scam 1992, Picture Courtesy – asiamediajournal

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 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.
Read: Akshay Kumar House Bollywood’s Favorite Action Hero


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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).

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 depts 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.
Read: Wondering Where the Richest People in India Live? Get the Scoop Here!

harshad mehta's arrest
Picture Courtesy – thesimplehelp

Harshad Mehta’s House in Mumbai

Most people are very curious about where Harshad Mehta’s house is and what it is like. 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. This home was so opulent that it even had a swimming pool and a min golf course. Some say that it was this kind of big spending that drew unnecessary attention to him.

He bought a total of 9 houses in Madhuli Housing Cooperative Society, he combined all of these homes to one large home to accommodate his entire joint family. Harshad Mehta’s House was said to have a billiards room, a mini theatre and a mini golf course along with a pool.
Read: Inside the lavish Worli apartment of Bollywood Diva, Anushka Sharma

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. 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 the dues of the tax department, banks, and others.

harshad mehta house in juhu
Harshad Mehta’s house in Juhu Picture Courtesy – DNA

If you too are looking to invest in opulent houses in Worli, we at NoBroker can help you find the right space. If you need a home to buy at a more affordable rate, we can help with that too! Just click the link below to find start your home search in Worli.

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Who bought Harshad Mehta’s House?

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 for Rs 32.6 crore.
Read: Bollywood Celebrity Homes – Celebrity Houses in Bandra & Juhu

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Ananth

Who doesn’t love a stylish home? We know Ananth does! From a young age Ananth could never resist reading Architecture Digest, Good House Keeping, and so on. He did it because he was captivated by the beauty of the homes and the way they kept homes feeling like ‘home’ but yet glamorous. He is a wizard at keeping houses looking top-notch and he does it with the least effort. He writes to shares his tips and make loving your home easy.

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