Harshad Mehta Net Worth 2022 (Biography, Family, DOB, Birth Place, Wife, Education, Lifestyle, Cars, 1992 Scam, Death)
Harshad Mehta was born in Rajkot on July 29, 1954. He was a marketer known as “The Big Bull” or “Amitabh Bachchan of the Financial Markets.” The 1992 Indian Stock Scam raised suspicions that he was a trade manipulator. Harshad Mehta’s height was 5’6 inches and their appearance was Lil chubby.
He had Indian Nationality. His zodiac sign was Leo. His father’s name was Shantilal Mehta and his mother’s name was Rasilaben Mehta. He had no daughter and the only son named Atur Mehta.
Harshad Mehta’s Wife
His wife’s name is Jyoti Mehta. Jyoti Mehta has been a part of Harshad Mehta’s life since the beginning of his career. She was with him while he was a stockbroker, and they married at a tender age. She was a housewife or housekeeper after her marriage to Harshad Mehta.
Harshad Mehta Family
Atur Mehta, Harshad’s son, owns stock in a subsidiary. In 2019, the Income Tax Department erased the Mehta family’s entire tax claim of Rs 2,000 crore. That year, Jyoti Mehta settled a case with trading firm Kishore Janani and Federal Bank, which had owed Harshad Mehta Rs 6 crore since 1992 and claimed that Jyoti was owed the entire sum. Ashwin Mehta, Harshad Mehta’s brother, studied law. He is a lawyer who practiced in India’s High Court.
Harshad Mehta Net worth
The net worth of Harshad Mehta or Ashwin Mehta is $475 Million. He manages all the affairs of the organization with his brother Ashwin Mehta Harshad Mehta is no longer with us but his brother used to have an enormous worth too. Mehta was fined by the Delhi High Court and the Supreme Court of India for his role in a $100 billion finance scandal that happened on the Stock Exchange.
Harshad Mehta Cars
He also purchased pricey luxury vehicles such as the Toyota Corolla, Lexus Starlet, Toyota Sera, and plenty more. All these cars were pricey so that only the rich individuals could afford them.
Ashwin Mehta Education
He completed his early education at Janta Public School, Camp 2 Bhilai. Mehta, a cricket lover, did not show much promise in school and moved to Mumbai after finishing his education to study and find work. Mehta earned his B.Com from Lala Lajpatrai College in Delhi in 1976 and worked in a variety of small jobs over the next eight years.
Career Opportunities and Scam in the Market
Jobs that are frequently tied to sales include marketing stockings, cement, and gem sorting. Mehta began his career as a salesman in an Indian Assurance Company. During that same time, he became engaged in the stock market and left after a few days to join a finance company. He went to a lower-ranking staff job where he was employed as a part-timer for the broker Prasann Pranjivandas Broker, whom he regarded as his “Guru.”
Early in 1980, he held jobs of increasing importance at several investment companies throughout ten years. By 1990, he had grown to fame in the Indian stock business, with the media referring to him as the “Amitabh Bachchan of the Financial Market.”
When the BSE sold off a bank’s card, Grow More Research and Asset Management stepped in with financial assistance from associates. In 1986, he began actively trading. By early 1990, several high-profile people had begun to invest in and use his firm’s services. He started trading significantly in Associated Cement Company shares around this time. The price of cement firm shares gradually surged from 200 to roughly 9,000 due to a big wave of buying from a group of brokers that included Mehta.
Mehta justified the extreme transactions in ACC shares by declaring that the stock had been underpriced and that the market had purely rectified when it repriced the company at a price equal to the cost of constructing a similar enterprise; this is the so-called “replacement cost theory” that he had proposed.
During that time, particularly in 1990–1991, the media portrayed Mehta as a deified figure, dubbing him “The Big Bull.” He was featured on the cover of several journals, including the prominent economic magazine Business Today, in an article titled “Raging Bull.”
In following criminal prosecutions, the authorities stated that Mehta and his friends then engaged in a far bigger plan that led to the manipulation of the increase in the Bombay Stock Exchange. The operation was funded by ostensibly securitized bank receivables but was uncollateralized.
The bank receipts were employed in “ready forward” trades, which Mehta’s firm arranged for short-term bank-to-bank financing. By the second half of 1991, Mehta had gained the moniker “Big Bull,” owing to his role in starting the stock market’s bull run.
Harshad Mehta Death
Harshad was imprisoned in 1992 with various charges against him, including stamped paper fraud, bank receipts fraud, and racketeering. He was also charged with significant stock market manipulation. When Harshad was arrested by the CBI, he was charged with 72 criminal charges and had over 600 civil action lawsuits filed against him.
He was emphasized for lakhs of missing shares from roughly 90 firms, with a total value of INR 250 crores. Harshad also made headlines when he claimed he paid INR 1 crore in cash as bribery to then-Prime Minister P.V. Narasimha Rao to get him out from the scam.
Harshad made a short resurgence as a stock market “guru” in the mid-to-late 1990s while continuing his high-profile lifestyle. But it was not until 1999, because when the Bombay High Court declared him guilty that he was finally convicted and Harshad’s luxurious lifestyle began to change.
When he died from a heart attack on December 31, 2001, he was on trial for multiple cases. Harshad was a criminal convict in Thane Prison at the time of his death. Harshad suffered acute chest pain in the early hours of New Year’s Eve and was brought to Thane Civil Hospital, where he died of a heart illness.
Harshad Mehta was 47 years old at that time, and he was accompanied by his wife and kid. Many years after his death, the many court proceedings pending against him were being prosecuted in various Indian courts.
Also, Read Blogs:-