Scam 1992: The Harshad Mehta Story is streaming on SonyLIV— Here's what the infamous scam was all about
- The web series
Scam 1992, directed by the acclaimed filmmaker Hansal Mehta is based on a book titled 'The Scam: Who Won, Who Lost, Who Got Away.'
- The series is about the famous stockbroker Harshad Mehta, popularly known as the 'Amitabh Bachchan of Stock Market.'
- The web series has garnered a strong response on social media sites, making it one of Twitter's top trends.
The web series, directed by the acclaimed filmmaker Hansal Mehta is based on a book titled 'The Scam: Who Won, Who Lost, Who Got Away' by journalist Debashis Basu and Sucheta Dalal. The series is about the famous stockbroker Harshad Mehta, popularly known as the 'Amitabh Bachchan of Stock Market.'
Watch the trailer of Scam 1992: The Harshad Mehta Story here:
AdvertisementScam 1992: The Harshad Mehta Story — a brief look at the scandal
Scam 1992: The Harshad Mehta Story follows the meteoric rise and fall of the stockbroker, Harshad Mehta. It is the story of one of the biggest financial frauds carried out in 1992 that shook the Indian stock market and forced the market regulator to change the rules of the game on Dalal Street.
Registered broker Harshad Mehta and his partners were accused of engaging in a massive stock manipulation on India's largest stock exchange, BSE, in 1992 by taking advantage of loopholes in the banking system.
Mehta was accused of conspiring with the bank employees for obtaining fake bank receipts (BRs) issued, which he used in other banks to woo them to lend him money. He used these funds to buy a large amount of shares at a premium. When veteran journalist Sucheta Dalal uncovered this scam, the banks realised that they owned the fake bank receipts. This led to the unraveling of the system.
Mehta was convicted by the Bombay High Court and India's apex court for his part in a financial scandal valued at ₹500 crores, which took place on the BSE.
The scandal exposed various loopholes in the Indian banking system and the stock market transaction system, which also forced SEBI to introduce new rules to cover the loopholes. Out of 27 criminal charges brought against Mehta, he was only convicted of four, before he died in 2001.
The cast of Scam 1992: The Harshad Mehta Story
AdvertisementThe web series cast includes Pratik Gandhi, Shreya Dhanwanthary, Satish Kaushik, Sharib Hashmi, Anant Mahadevan, Nikhil Dwivedi, KK Raina and Lalit Parimoo, among others.
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