Who Was He? | The 1992 Scam | The Harshad Mehta House | Property | FAQ
Ever since the Scam 1992 web series was released on Sony Liv, most people came to know about the infamous Harshad Mehta Case. He undoubtedly created the biggest scam ever in the Indian stock market. So, if you too seem to be interested to know about the Harshad Mehta house, his worth, and his story, we are going to share the different details with regards to his life and property.
Who Was Harshad Mehta?
A simpleton with a sharp mind, Harshad Mehta was also referred to as the big bull. He grew up in Gujarat but moved to Mumbai when he decided that he had big dreams and he was going to try to conquer them.
He tried his hand at several jobs until he found his calling with the stock market. When he joined a brokerage firm, he dived deep into the world of stocks and he began to earn both money and fame. By the 1990s, he managed to be called the big bull of Dalal street and he has managed to amass quite a fortune for himself.
What Was The 1992 Scam?
Harshad Mehta ended up exploiting the loopholes that were present in the stock market. He manipulated the stocks and obtained money illegally from different banks. He resorted to the use of fake bank receipts. It didn’t matter how small or big a bank was, Harshad approached all of them by fair or unfair means.
He took the money that he got from the banks and artificially pushed up the stock price. He ended up pushing the prices of some random companies to a very high amount. Some reports claim that he almost sold his house to cover all his debts. He even used his fortune to give back to the clients. He did all of this to rectify his image. However, he landed in a big soup when Sucheta Dalal, a Times of India journalist, wrote an article about him. She exposed all of his illegal methods.
This started a flurry of cases against him and despite his repeated attempts to prove everything wrong, his downfall had started. He was sentenced to prison and despite coming out and going in several times, he tried his best to prove himself innocent.
Owing to his scams, the RBI was forced to bring in different reforms and change some of the banking rules to make sure that no one could hoodwink the banks again.
The Harshad Mehta House
The Harshad Mehta house is often a very spoken-about topic. A lot of people choose to discuss his house simply because it was so extravagant. As he had a very humble beginning, he decided to build himself a great house once he had the right money.
His house is spared over 15,000 square feet area in one of the most expensive areas in Mumbai. The Harshad Mehta house is located in Worli. His house was packed with several facilities and amenities including a mini golf course, swimming pool, mini theatre, billiards room, and a lot more. The type of luxurious house that Mehta made was unheard of at that time. This brought him into a lot of limelight which was unwanted.
He was proud of his house and the more money he earned, the more he spared his means. As he came from a humble background, he wanted to give all the luxuries to his family that they couldn’t even dream of. This is why he was always looking to make his house the real talk of the town and so it became. His overall lifestyle was very luxurious and he loved creating that aura.
During the prime of his career, he continued to mint money. His fortune could be seen in the assets and rich lifestyle that he lived. He was hailed as one of the most powerful businessmen during his time. He often rented his house for shoots and movie filming as well. It was the best definition of grand.
The Property Lists
Harshad Mehta house wasn’t the only one that he owned. Besides this house, he owned two more expensive properties in the Vandana cooperative housing society. Each of them covered an area of 1,150 square feet.
His net worth was estimated to be close to Rs. 3556 crores. The property wasn’t the only thing he owned. He was very fond of luxurious cars and he owned some of the costliest cars. The Lexus LS400 remains the one that deserves a separate mention. He was the only one in the country to own it and had imported it from abroad.
He owned more than 20 cars and his overall lifestyle was very posh and luxurious. He liked to gift his wife and kids precious gifts and jewellery from time to time.
However, he couldn’t sustain this lifestyle as once the article exposed him, his legal battles took a heavy toll. He tried every possible trick in the books and used all his networking and sources to handle the courtroom. But, nothing seemed to work for him.
What Happened To The Harsha Mehta House?
There is a lot of speculation regarding what happened to the Harshad Mehta house. After his death, his house was taken by the government to square off his debts. The house was ultimately auctioned and another stock broker Ashok Samani bought it. The house was auctioned for a meagre Rs. 32.6 crores when it was worth so much more than that.
What Happened To His Family?
Though his family doesn’t live in the Harshad Mehta house anymore; his wife, kids and his brother and his family all stay in Mumbai. His brother works as a high court lawyer in Mumbai. He fought several of the cases that were filed against Harshad Mehta. Both his wife and brother tried to clear his image. They fought for his battle even after he passed away in an untimely manner.
They continued to fight for two decades until the tax tribunal decided to wave off the taxes in 2019. A lot of people continue to believe that he wasn’t wrong. He just knew how to use the loopholes in the system to his advantage.
What happened to the Harshad Mehta house?
The house was auctioned and was bought by Ashok Samani, another stockbroker.
At what price was the house sold?
The house was sold for a meagre price of Rs. 32.6 crores when it was worth so much more.
Where does Harshad Mehta’s family stay now?
He was survived by his wife and kid. He stayed in the house with his brother and his family. All of them currently stay in some parts of Mumbai.
Are all charges against Harshad Mehta dropped?
Yes, the tax tribunal ultimately decided to drop all the taxes against him. They did so after two decades of struggle by his wife and brother.