Financial Market and it’s political connections
Harshad Mehta was India’s biggest financial and share market scammer. Many wealthy individuals have been harmed by this man’s fraud, and some have committed suicide as a result of his manipulation. He was a smart and knowledgeable man when it came to tricking people about the share and financial markets.
Intelligence and corruption are not mutually exclusive traits! If the corrupt person is intelligent, he would perhaps never get caught or blamed for inefficiency!There were several loopholes in the system, which Harshad Mehta misused. He was able to do this because he was a well-known broker – with name, fame and big political connections.
The scam was the biggest money market scam ever committed in India, amounting to approximately ₹ 500 crores. The main perpetrator of the scam was a stock and money market broker Harshad Mehta. It was a systematic stock scam using bank receipts and stamp paper that caused the Indian stock market to crash. This impacted the entire exchange system as the security system collapsed and investors lost hundreds of thousands of rupees in the exchange system.
When Harshad Mehta was arrested after the scam came to light, he made a sensational claim. He accused Prime Minister that he paid him a certain amount for getting him off the scandal. P.V. Narasimha Rao, arguably the most decisive Prime Minister Independent India saw. Yes many politician believes that Ex Prime Minister Narshima Rao involved with Harshad Mehta, and Suchita Dalal also be clearly not mention in her book also, but later time Harshad didn’t gave any sufficent evidence against Narsimha Rao. While Rao denied the allegations, he never denied meeting the broker.
Nobody in the RIGHT MIND would do something illegal & declare it to the world. Many financial experts believe that he did not commit any fraud, and only exploited the loopholes in the system and some believe that he was scapegoated as someone had to be blamed for it all. It has been more that 25 years since the scam was first exposed, but its effect can still be felt by many people who suffered at that time!
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