Where Is Harshad Mehta’s Brother Ashwin Mehta Today?

Many people were unaware of the 1992 stock market scam that shook the Indian financial system in the 1990s until 2020, when the web series Scam 1992 revealed the incidents that rattled the stock market in the decade and made Harshad Mehta, the scam's kingpin, a household name. However, few people are aware that Harshad Mehta's brother Ashwin Mehta was also accountable for the scam that rocked the country in 1992.

Harshad Mehta was the brains behind the massive 1992 fraud, which stole millions of dollars from investors and revealed fundamental vulnerabilities in our financial system. The Indian Securities market is presently governed by the Securities and Exchange Board of India (SEBI), which was founded as a result.

Who is Ashwin Mehta?

Known for being Harshad Mehta brother, Ashwin Mehta was born on June 6, 1956, in Paneli Moti, Gujarat. He is currently 66 years old. His family consists of his three siblings, "Sudhir Mehta," "Harshad Mehta," and "Hitesh Mehta," as well as his parents, "Shantilal Mehta" and "Rasilaben Mehta."

Ashwin Mehta, Harshad Mehta's brother, came to Mumbai to pursue further education after receiving his diploma from Holy Cross Byron Bazar School. Ashwin Mehta was interested in law, but after relocating to Mumbai, Harshad started working as a stockbroker.

Ashwin Mehta joined his brother on the securities fraud of 1992 at the same time as Harshad Mehta was becoming well-known in the stock market scene.

What was the 1992 Scam all about?

Stockbroker Harshad Mehta was intimately implicated in the 1992 stock market fraud, which was the biggest in Indian history. The total amount of the scandal at the time was Rs. 4000 crore, or around Rs. 25,000 crore in 2022. The fact that the scam is the biggest in terms of today's terms even after including the Nirav Modi and Vijay Mallya scams is a good indicator of how grand it is.

Back then, banks would enter into ready-forward agreements wherein they would trade cash for one another by mortgaging government securities without actually transferring the securities; instead, they would utilise bank receivables that the borrower bank would send to the lender bank.

Harshad Mehta acted as the middleman between these banks to illegally infuse funds into the stock market and fraudulently inflate stock prices. As a result, the Indian stock market reached new heights.

A nationwide web series that depicted the complete swindle that occurred in 1992 in an intricate and entertaining way surfaced in 2020. You should watch the fraud 1992 web series on Sony Liv or download it to use as a resource for learning what went wrong for the Mehta brothers.

Ashwin Mehta’s role in the scam

Even if Harshad Mehta was the architect behind the entire scheme, a deception this large and intricate can only be pulled out with the vital assistance of close associates. Given that he is Harshad Mehta's brother, Ashwin Mehta was Harshad's go-to person in this whole ordeal. Harshad relied heavily on Ashwin Mehta because he is his brother, and Ashwin Mehta was his staunchest ally.

Where is Harshad Mehta Brother Ashwin Mehta Now?

Harshad Mehta's tragic death resulted in the majority of the criminal charges against him being dismissed, but Ashwin Mehta was left to face the battle alone. After the issue, Ashwin Mehta withdrew from the stock market and focused on a law career.

Ashwin Mehta was convicted of conspiring with the ONGC management to divert cash totaling 680 crores between 1989 and 1991, and was sentenced to five years in prison and a fine of Rs. 5 lakh.

A special court exonerated Ashwin Mehta in 2018; the SBI fraud case was the last from which he was freed after spending a brief time in prison. In addition to this, Ashwin Mehta's net worth was significantly reduced by the fact that he was required to pay a sizeable sum of Rs. 1700 crore to numerous banks as restitution for all the fraudulent acts that occurred in 1992.

At the moment, Ashwin Mehta represents clients in the Supreme Court and Mumbai High Court. He has been working alone for years to exonerate his family and himself from the scandal. Finally successful, he is now leading a respectable life.