Harshad Mehta: Age, Death, Wife, Children, Family, Biography & More

Harshad Mehta, often called the "Big Bull" of the Indian stock market, is remembered for his meteoric rise and dramatic downfall in the early 1990s. Born in a humble Gujarati family, Mehta revolutionized the Indian stock market with his bold strategies and market manipulations, amassing enormous wealth. 

However, his success was short-lived, as he masterminded one of the biggest financial scandals in India, famously known as the 1992 Stock Market Scam, which involved over INR 4000 crores. 

This scandal shook the nation, leading to widespread financial chaos and exposing loopholes in India's banking system. From his luxurious lifestyle to his eventual arrest and tragic death, Mehta’s story is both fascinating and cautionary. 

In this biography, we delve into the life of Harshad Mehta, tracing his journey from an ordinary broker to a symbol of greed, ambition, and controversy in the world of finance.

Harshad Mehta Biography

Quick Info

• Full Name: Harshad Shantilal Mehta
• Profession: Stockbroker
• Famous As: Mastermind of the 1992 Stock Market Scam worth over INR 4000 crores
• Birth Date: July 29, 1954 (Thursday)
• Death Date: December 31, 2001 (Monday)
• Age at Death: 47 years
• Cause of Death: Heart Ailment
• Nationality: Indian
• Spouse: Jyoti Mehta
• Children: Son – Atur Mehta

Harshad Mehta Early Life and Career

Harshad Mehta was born into a Gujarati Jain family in Paneli Moti, Gujarat, and spent his early years in Mumbai. His father, Shantilal Mehta, ran a small textile business before moving to Raipur, where Harshad completed his schooling. He returned to Mumbai to pursue a B.Com degree in 1973.

After graduating in 1976, Harshad spent the next eight years doing various jobs, including selling hosiery, sorting diamonds, and working as a cement contractor. His entry into the stock market began while working as an insurance agent for New India Assurance Company Limited. He later left his job in 1981 to work as a jobber for stockbroker Prasann Pranjivandas, who became his mentor.

In 1984, Harshad Mehta became a member of the Bombay Stock Exchange (BSE) and established his stock brokerage firm, GrowMore Research and Asset Management.

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Harshad Mehta Early Life and Education

Harshad Mehta was born on July 29, 1954, in Paneli Moti, a village in the Rajkot District of Gujarat, India, into a modest Gujarati Jain family. His father, Shantilal Mehta, ran a small textile business, and his mother, Rasilaben Mehta, was a homemaker. 

Harshad spent his early years in Mumbai’s Kandivali, but the family eventually relocated to Raipur, Chhattisgarh, where he completed his schooling at Holy Cross Senior Secondary School.

In 1973, Harshad moved back to Mumbai to pursue his higher education. He enrolled at Lala Lajpat Rai College of Commerce and Economics, where he completed his Bachelor of Commerce (B.Com.) in 1976. His educational background in commerce laid the foundation for his interest in finance and stock trading.

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Harshad Mehta Career Beginnings

After completing his graduation, Harshad Mehta worked a series of odd jobs for almost eight years. These ranged from selling hosiery and sorting diamonds to working as an insurance clerk. His journey into the world of finance began when he took up a job at the New India Assurance Company Limited (NIACL) in Mumbai. It was during this period that Mehta first developed an interest in the stock market.

In 1981, he quit his job and started working as a jobber (a middleman between stock brokers and clients) under a stockbroker named Prasann Pranjivandas, whom Mehta regarded as his mentor. This job marked the beginning of Harshad Mehta’s entry into the stock market.

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The Rise of Harshad Mehta: The Big Bull

By 1984, Mehta had gained enough experience and capital to become a member of the Bombay Stock Exchange (BSE). He established his own firm called GrowMore Research and Asset Management. Over the next few years, Harshad Mehta built a reputation as a successful stockbroker with an uncanny ability to identify winning stocks. His success earned him the nickname “The Big Bull” and the “Amitabh Bachchan of the Stock Market” for his larger-than-life presence in the financial world.

Mehta’s strategy was simple but bold. He exploited loopholes in the banking system to siphon off large sums of money from the government securities market. He would use these funds to buy shares in large volumes, causing the prices of these shares to skyrocket. 

Once the prices had risen significantly, Mehta would sell off his holdings, repay the borrowed money, and pocket the huge profits. His actions caused the Bombay Stock Exchange Sensex to rise dramatically, reaching an all-time high of 4500 points in 1991.

Mehta’s portfolio included major companies like Apollo Tyres, Reliance, Tata Iron and Steel, ACC Cement, among others. His most famous manipulation was with the shares of ACC Cement, whose stock price he inflated from Rs. 200 to Rs. 9000 in just three months, representing a 4500% increase.

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Harshad Mehta Lavish Lifestyle

As Mehta’s fortune grew, so did his opulent lifestyle. He resided in a 15,000 square feet sea-facing penthouse in Worli, Mumbai, complete with a mini-golf course and a swimming pool. 

He also owned a fleet of luxury cars, including the Toyota Lexus, which was worth Rs. 40 lakh at the time—a symbol of his financial prowess and lavish living. Harshad Mehta was often seen as a rags-to-riches story and became a media sensation due to his extraordinary success.

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Harshad Mehta: The 1992 Stock Market Scam

Harshad Mehta’s astronomical rise came crashing down in April 1992, when journalist Sucheta Dalal published an article in The Times of India, exposing the intricate details of Mehta’s fraudulent activities. Mehta had manipulated the stock market by exploiting loopholes in the banking system, notably diverting large sums of money from banks to pump up stock prices. The article revealed that he had taken Rs. 500 crores from the State Bank of India (SBI) treasury to artificially inflate stock prices.

The scam involved over INR 4000 crores and triggered a massive stock market crash, wiping out billions in investor wealth within months. The scandal not only devastated investors but also exposed the vulnerabilities of India’s banking and financial systems.

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Harshad Mehta Arrest and Legal Battle

In November 1992, Harshad Mehta was arrested by the Central Bureau of Investigation (CBI) along with his brothers, Sudhir Mehta and Ashwin Mehta. The CBI charged Harshad with 72 criminal offenses, and more than 600 civil suits were filed against him by various banks and financial institutions. Despite hiring the famous lawyer Ram Jethmalani to defend him, Mehta spent three months in jail before being granted bail by the High Court of Bombay.

In a bold move after his release, Harshad held a press conference where he claimed to have paid a bribe of INR 1 crore to the then-Prime Minister P.V. Narasimha Rao in an attempt to get his charges dropped. These allegations, however, were vehemently denied by the Congress Party, and no evidence was ever found to support Mehta’s claims.

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Harshad Mehta Downfall and Imprisonment

The Reserve Bank of India (RBI) formed the Janakiraman Committee to investigate the stock market scam, and their report confirmed that the fraud amounted to INR 4025 crore. Harshad Mehta was convicted in multiple cases of fraud, and in September 1999, he was sentenced to five years in prison for his involvement in the Maruti Udyog Ltd fraud case.

While serving his sentence in Thane Prison, Mehta complained of chest pain on December 31, 2001, and was rushed to the Thane Civil Hospital. Despite efforts to save him, Mehta died from a heart ailment at the age of 47.

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Harshad Mehta Legacy and Impact

Harshad Mehta’s life has inspired several books, movies, and web series. “The Scam: Who Won, Who Lost, Who Got Away”, a book by Sucheta Dalal and Debashis Basu, remains one of the most comprehensive accounts of the scandal. In 2020, the Hindi web series “Scam 1992: The Harshad Mehta Story” premiered on SonyLIV, dramatizing Mehta’s rise and fall, and became a massive hit.

Another movie, “The Big Bull”, starring Abhishek Bachchan, was also released in 2021, further cementing Mehta’s place in popular culture.

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Harshad Mehta Family and Posthumous Accusations

In July 2022, over two decades after Harshad’s death, his wife, Jyoti Mehta, launched a website to defend her husband’s name. She accused the jail authorities of medical negligence, claiming that they had delayed treatment for four hours after Harshad suffered his first heart attack, which led to his death. Jyoti also expressed that the family had faced "group punishment" since the scandal, despite not being directly involved in Harshad’s financial transactions.

Rise to Prominence and the 1992 Scam

Harshad Mehta’s unique style of stock trading led to rapid success. He manipulated the stock market by exploiting loopholes in the banking system, using vast sums of money to purchase shares of select companies. This artificial demand inflated stock prices, which Mehta then sold at significant profits. His investments in companies like Apollo Tyres, Reliance, Tata Iron and Steel, BPL, and ACC helped him rise to prominence, earning him the nickname "Big Bull."

The most infamous of his manipulations involved ACC Cement, whose share price rose from Rs. 200 to Rs. 9000 in just three months. By 1991, Mehta's influence had become so strong that the media dubbed him "The Amitabh Bachchan of the Stock Market."

Harshad Mehta’s extravagant lifestyle reflected his success. He owned a sea-facing 15,000-square-foot penthouse in Mumbai with a mini-golf course, swimming pool, and a fleet of luxury cars, including a Toyota Lexus worth Rs. 40 lakh.

The Exposure of the Scam

Despite his success, journalist Sucheta Dalal grew suspicious of Mehta's lavish lifestyle and began investigating the source of his wealth. On 23 April 1992, she exposed the Rs. 500 crore scam, revealing how Mehta manipulated the stock market using money fraudulently siphoned from the banking system.

This revelation led to a major stock market crash, wiping out trillions of investor wealth. Harshad Mehta, along with his brothers Sudhir and Ashwin, was arrested by the CBI in November 1992. Mehta faced 72 criminal charges, and over 600 civil cases were filed against him. 

The scam shook India’s financial system, prompting the formation of the Janakiraman Committee by the Reserve Bank of India (RBI), which revealed that the scam amounted to over INR 4025 crore.

Legal Battles and Final Days

Harshad Mehta’s legal defense was led by renowned lawyer Ram Jethmalani, and Mehta was released on bail after spending three months in jail. During a press conference after his release, he claimed to have bribed then-Prime Minister P.V. Narasimha Rao with INR 1 crore, a claim that was strongly denied by the Indian National Congress.

In 1999, Harshad Mehta was convicted in the Rs. 380.97 million Maruti Udyog Ltd fraud case and sentenced to five years of imprisonment.

Mehta was serving his sentence in Thane Prison when he complained of chest pain on the night of 30 December 2001. He was taken to Thane Civil Hospital, where he passed away due to heart failure the next day, on 31 December 2001, at the age of 47.

Posthumous Impact and Media Adaptations

Harshad Mehta’s story remains a significant chapter in India’s financial history. His life and the 1992 scam have been adapted into various films and web series, the most notable being the 2020 web series “Scam 1992 – The Harshad Mehta Story,” directed by Hansal Mehta and based on the book "The Scam: Who Won, Who Lost, Who Got Away" by Sucheta Dalal and Debashis Basu.

In 2022, a movie titled “The Big Bull,” starring Abhishek Bachchan, was released, further exploring Mehta’s life and the stock market scam.

Family's Struggle After His Death

After Harshad Mehta’s death, his family, particularly his wife Jyoti Mehta, continued to fight legal battles to clear his name. In 2022, she launched a website to defend her late husband, accusing the jail authorities of medical negligence that led to his death.

In a post on the website, Jyoti claimed that the jail authorities neglected Harshad's complaints of chest pain for four hours after he suffered a heart attack, leading to his untimely demise. She also alleged that her family faced group punishment and constitutional violations in the years following Harshad’s death.

Conclusion

Harshad Mehta’s story is one of ambition, ingenuity, and ultimately, greed. From his humble beginnings to becoming one of the most influential stockbrokers in India, Mehta’s rise was meteoric, but his fall was equally dramatic. 

His life serves as both an inspiration and a cautionary tale, reminding us of the fine line between success and scandal. Despite his infamous reputation, Harshad Mehta continues to be a figure of intrigue, whose actions forever changed India’s financial landscape.

Harshad Mehta’s story is a reminder of how one man’s ambition and exploitation of systemic loopholes can shake the entire financial system. Although he lived a life of opulence, his legacy is marred by the scandal that continues to cast a shadow over India’s stock market history.