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mehta blog

It all unravelled when the SBI Chairman confirmed in an interview with Times of India that “the Big Bull had, indeed, paid back well over Rs. 500 crores out of the Rs. 770 crores in government securities that had vanished into the brokers’ account due to a ‘missing’ Subsidiary General Ledger (SGL) receipt.” This meant, Mehta essentially used the money from several banks including SBI, to invest in the stock market. This is illegal, and in order to cover his tracks, Mehta resorted to the use of fake Bank Receipts and SGL Receipts. Funnily enough, even this was not sufficient to bring down Harshad Mehta. He bounced back and re-entered the stock market. It was only in 1998, when the rest of the story was revealed, that the kingpin was brought down. The final nail in his coffin was hammered in when the operations of the Damayanti group came to the fore. This group was essentially a front for carrying out the stock market manipulations. It was through the Damayanti group that Harshad Mehta manipulated the stock prices of companies like Videocon, BPL and Sterlite. “SEBI hit pay dirt when it found a document from the Damayanti office which listed details of investments of Rs 1.46 billion in BPL, Videocon and Sterlite in the second week of June, which pertained to the BSE and NSE settlements of that period.” – Sucheta Dalal airtel Harshad Mehta met an unceremonious and untimely end in 2001, while in jail. He suffered from a heart attack and passed away at the age of 47.