Harshad Mehta website: Harshad Mehta’s family defends him and pleads for him to be allowed to lead a normal life

What happens to the family of a stockbroker who lived a kingly life and caused India’s first billion dollar financial scandal, which erupted during the heady days of economic liberalization in the early 1990s?

Broker Harshad Mehta reportedly funneled money borrowed from banks into shares on BSE, driving up share prices. When the $2 billion fraud was uncovered, it caused a stock market crash. The Securities and Exchange Board of India was set up in the wake of the scandal, and millions of millennials have since roared as retail investors.

Now, a website said to have been created by Jyoti Mehta, wife of the late Big Bull, has come out with a mix of advocating for him and giving a slice of life for the people he left behind.

Readers may note that ET has not independently verified the legitimacy of the website and the claims made.

Mountain of litigation

Since Mehta’s death, the family has been buried from litigation to litigation, with some “virtually paralyzing them”, the website says. “It has imposed severe legal incapacitation on all of us in addition to throwing us all out of our business and income-generating activities. For more than 2 decades we lived without bank accounts,” he says.


Mehta’s life was brought alive for this generation by “Scam 1992”, a web series directed by Hansal Mehta, adapted from journalist Sucheta Dalal and Debashish Basu’s 1992 book The Scam: Who Won, Who Lost, Who Got Away .

The series was a phenomenal success. The website digs into the series and Dalal, without substantiating these claims.

“Amazingly, Mrs. Sucheta Dalal’s methods and techniques have not changed at all even after 30 years as she does veiled attacks without naming the people so that she can then walk away unscathed. This is nothing but ‘yellow journalism’,” the website reads.

No medical help

The Mehtas have remained silent throughout this time, the site says. “The punishment was meted out to us only because we are related to Harshad, even though we have not violated any law of the land. The immediate cause seems to us to be the revelations that Harshad was forced to make in 1993 about his meeting with then Prime Minister Narasimha Rao on 04.11.1991, a fateful day that changed our lives forever,” she said.

The site says Mehta, who died at 47, saw allegations of health issues for four hours after suffering his first heart attack. The doctors gave him no medicine, except the Sobitrate that his wife had prepared for emergencies. After that, he was not transferred to hospital for the next four hours, where he died after suffering a second heart attack.

“It was not until 11pm that he had to walk a long distance to Thane Hospital where he immediately died in a wheelchair after his cardiogram confirmed a second massive heart attack. told us later that an investigation had been ordered by the authorities and even an autopsy had been carried out, but neither this investigation report nor the post-mortem report was provided to us despite our repeated requests,” the site states. website.

The website, which also contains downloadable documents and videos, says the Mehtas became the biggest victims of the highest form of “fiscal terrorism” from 1993. It also claims that Harshad Mehta was made a scapegoat because the family had “been extremely well behaved and were still solvent and able to meet all their obligations”.

The website says that although the courts never found Mehta guilty of any charges, the media found him guilty without a trial and recklessly continued to label him a “crook”.

“Our family believed that his sudden death in prison would end his life and satisfy even his critics, including those who called for his blood. After his disappearance, the criminal proceedings against him decreased because it was no longer possible to prove his guilt. Nothing therefore justifies the title given to the web series “Scam 1992 The Harshad Mehta Story”. So I’m saddened to see that the media and movies still brand him a con artist while commercially exploiting his name through a completely false story.

Edwin S. Wolfe