Harshad Mehta Scam Kya Tha? “Big Bull” ke ₹4,000+ Crore Wale Stock Market Fraud Ki Poorn Kahani
🏦 Harshad Mehta Kaun Tha?
Harshad Shantilal Mehta (29 July 1954 – 31 Dec 2001) ek Indian stockbroker the jinhe “Big Bull of Dalal Street” ke naam se jaana gaya 3. Unhone apna stockbroker career 1980s mein shuru kiya aur jaldi hi bold market moves aur aggressive trading se popular hue.
🔍 Scam Kaise Operate Hua?
1992 mein Mehta ne ₹4,000+ crore ka stock market scam kiya via:
- Ready-Forward (RF) Deals ka misuse: Banks se govt. securities liye via fake cheque & phir inse cash raise kiya 4.
- Fake Bank Receipts (BRs): Banks ne BRs issue kiye bina securities ke; Mehta ne repeat karke paisa borrow kiya 5.
- Circular Trading aur Price Manipulation: Stocks jaise ACC, Sterlite, Videocon ka price artificially inflate kar ke unrealistic bubble create kiya 6.
📊 Stocks Pe Asar
- **ACC** – ₹200 se ₹9,000 tak chala gaya.
- **Sterlite** – ₹30 se ₹1,500 tak utha.
- **Videocon** – ₹45 se ₹2,000 tak escalate hua 7.
⚠️ Scam Ki Timing aur Exposure
| Year | Event |
|---|---|
| 1980s | Mehta ne broker ban kar stock market mein foothold banaya. |
| Late 1991 | Ready-forward & fake BRs ka misuse start hua. |
| April 1992 | Sucheta Dalal ne scam expose kiya Times of India mein 8. |
| May 1992 | Market crash; SENSEX gir ke 4500 se 2500 pe aa gaya 9. |
| 1992–1999 | Mehta arrested, banking & SEBI reforms apply kiye gaye. |
| 2001 | Mehta ne heart attack se death, unka trial chal raha tha 10. |
🔎 Investigating Agencies
- CBI: Criminal charges file kiye.
- SEBI: Stronger regulations – settlement, IPO norms introduce huye 11.
- RBI: Banking loopholes identify karke controls tighten kiya 12.
📉 Impact & Reforms
- Market crash: ₹1 lakh+ crore market cap lose hua SENSEX girne se 13.
- Public trust down, investors ko big losses.
- SEBI ko statutory power mili aur banks ka audit & compliance improve hua.
- Settlement cycle shorten hua aur online KYC systems introduce hue 14.
📚 Lessons for Investors & Institutions
- Audit & governance must be robust.
- Transparent banking & settlement systems zaroori hain.
- Investor awareness aur education se fraud identify hota hai early.
- Media vigilance (Sucheta Dalal jaise) bahut powerful mechanism hoti hai.
✅ Conclusion
Harshad Mehta ka scam sirf ₹4,000 crore fraud nahi tha; ye Indian financial system ke liye ek wake-up call tha. Uske baad reforms aaye, nidaam sudhra—but it showed greed aur loophole exploitation agar nahi roka gaya toh system ki root tak damage hota hai.
📌 FAQs
- Q1: Scam kitne crore ka tha? Approx ₹4,000 crore – inflation adjust kar ke ₹20,000+ crore today 15.
- Q2: Kaun tha expose karne wala? Times of India ki financial journalist Sucheta Dalal 16.
- Q3: Kya Mehta saza paaye? 27 criminal charges the; convicted on aapke chaar counts; died in 2001 before all cases complete 17.
- Q4: Aaj ke scams pe kya impact hua? SEBI & banks mein strong regulation aaya; scams ke identification aur prevention mein boost 18.
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Labels: Harshad Mehta scam, 1992 securities scam, Big Bull fraud, SEBI reforms, stock market frauds, Indian financial history
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