Harshad Mehta

In the financial heart of Mumbai, where tall buildings kissed the clouds and millions chased dreams with open eyes, one man rose like a meteor—dazzling, ambitious, and controversial. His name: Harshad Mehta, a name that would forever echo in the corridors of India’s stock market history.

Born in a modest Gujarati family in 1954 in Rajkot, Gujarat, Harshad Mehta's early life was far from luxurious. His father ran a small textile business, but the family soon moved to Mumbai in search of better prospects. From selling papers and earning pocket change as a child, to studying commerce at Lala Lajpatrai College, Harshad always had a sharp eye for numbers and a sharper instinct for opportunity.

After graduation, he took up odd jobs—first as a salesman, then as a clerk. It was while working as a jobber on the Bombay Stock Exchange (BSE) that he found his true calling. The world of shares, indices, and speculative trading fascinated him. The BSE ring wasn’t just a place of business for Harshad—it was a playground of possibility.

By the early 1980s, Harshad had joined a brokerage firm, and by 1984, he founded his own—GrowMore Research and Asset Management. The firm was modest at first, but Harshad had big plans. He wasn't content with slow growth or conventional strategies. He had discovered a loophole in the banking system—the use of Ready Forward (RF) deals—a short-term loan between banks, backed by government securities. It was supposed to be a safe and simple process. But Harshad saw an opportunity to bend the system.

He began borrowing huge sums from banks using fake bank receipts, which he then invested heavily into the stock market—especially in shares like ACC, Sterlite, and Videocon. The prices of these stocks soared, and soon the media crowned him as "The Big Bull" of Dalal Street. He bought flashy cars, lived in a sea-facing penthouse in Worli, and walked with the air of a man who had the markets dancing to his tune.

The nation watched in awe. For the first time, the Indian middle class was talking about stocks, investments, and mutual funds over dinner. Harshad was a hero to many. Newspapers praised him, television channels chased him, and investors blindly followed his moves.

But as the old saying goes, "What rises fast, falls faster."

In 1992, journalist Sucheta Dalal exposed the scam in The Times of India. The bombshell report revealed how Harshad Mehta had manipulated banking systems and diverted around ₹4,000 crores to artificially inflate the stock market. The news sent shockwaves through the financial world. The markets crashed, investors panicked, and the Indian economy shuddered.

Harshad Mehta was arrested. Court cases followed. He maintained his innocence, claiming he merely exploited loopholes in an already broken system, and that several politicians and industrialists had benefitted from his dealings. He even held a dramatic press conference from jail, claiming he had paid a large sum to a prominent politician. But without solid proof, the allegations faded into obscurity.

What didn’t fade was the damage. Thousands of small investors lost their life savings. Banks reported huge losses. Confidence in the Indian financial system took a massive hit. Reforms were introduced, regulatory bodies were strengthened, and loopholes were sealed—but for many, the name Harshad Mehta became synonymous with financial fraud.

In jail, Harshad’s health declined. On December 31, 2001, at just 47 years old, he died of a heart attack in the Thane civil hospital. Some called it poetic justice. Others called it a tragedy.

But perhaps the truth lies somewhere in between.

Harshad Mehta wasn’t just a scamster. He was a visionary who understood the pulse of the market before anyone else. He believed in India’s economic potential when few did. He brought the stock market into the living rooms of ordinary Indians. He made people believe they could get rich through intellect, not inheritance.

Yes, he broke rules. Yes, he paid the price. But his story is not just one of greed and deception—it's also one of ambition, intelligence, and a hunger to rise beyond one’s circumstances.

Today, two decades after his death, documentaries, books, and web series recount his story. Young investors still whisper his name. Debates continue—was he a villain or a misunderstood genius? A crook or a catalyst?

Maybe Harshad Mehta was a bit of both.

He was the man who dared to dream in a time of limits. The man who turned Dalal Street into a stage—and the stock ticker into a symphony. And though his play ended in tragedy, the echoes of his ambition continue to shape India’s financial future.