A prominent but infamous Indian stockbroker and the mastermind behind the 1992 security scam. Harshad Mehta’s net worth at the peak of his career was around ₹3,542 crore sourced mainly from stock market manipulation and includes his luxury real estate and cars.
Wiki: Harshad Mehta
| Full Name/Real Name | Harshad Shantilal Mehta |
| Birth Date and Age | 29 July 1954 (aged 47 at death) |
| Death | 31 December 2001 |
| Birthplace | Paneli Moti, Rajkot District, Gujarat, India |
| Zodiac | Leo ♌ |
| Residence | Mumbai, Maharashtra, India (Worli penthouse, Juhu flats) |
| Profession | Stockbroker, Businessman |
| Most Famous Movie | The Big Bull (2021), based on his life |
| Active since | Early 1980s as a stockbroker |
| Nationality | Indian |
| Religion | Jain (by family background; not widely publicized) |
| School | Rose Manor Garden School, Mumbai; Holy Cross High School, Raipur |
| Education | Bachelor of Commerce |
| College | Lala Lajpat Rai College, Mumbai |
| Marital Status | Married to Jyoti Mehta |
| Kids | 2 children |
Harshad Mehta’s Net Worth
In the 1990s, Harshad Mehta’s net worth was estimated to be around ₹3542 crore. Considering his investments in the share market along with high-end cars and real estate properties, Harshad Mehta’s net worth in dollars was approximately $475 million at the time.
However, after his scam was exposed, his assets were seized and auctioned by the authorities.
| Net Worth | ₹3,542 crore (about $475 million) |
| Revenue Streams | Stock market trading and manipulation (main source)
Investments in a wide variety of company stocks, including Apollo Tyres Real estate holdings: luxury apartments in Worli (Madhuli Society, worth ₹32 crore), Juhu (2 sea-facing flats, ₹7–8 crore each), and a full office floor at Maker Chambers V, Nariman Point Asset management and financial services through Growmore Research & Asset Management |
| Luxury Items Owned | Owned 15–20 luxury cars and multiple real estate. |
Major Brand Endorsements of Harshad Mehta
During his lifetime, Harshad Mehta was not involved in any brand endorsements.
Harshad Mehta’s Investments and Business Ventures
His major, mostly considered aggressive, investments were in shares in the early 1990s. He traded shares of top companies like Associated Cement Company (ACC), Ambuja Cements, and ICICI Bank.
Following Replacement Cost Theory, Mehta, along with his team, identified fundamentally strong companies anticipating their benefits from India’s economic liberalization.
Business Ventures: He had set up his firm GrowMore Research & Asset Management, from there he managed portfolios and executed large trades on behalf of his clients and institutions. Through his firm, Harshad also provided ready forward loans, thus exploiting the loopholes in the Indian banking system.
Philanthropy and Social Contributions by Harshad Mehta
There is no publicized philanthropy or social contribution by Harshad Mehta. However, he once offered a contribution of ₹1 crore to the Prime Minister’s election expenses during the early 1990s.
Harshad Mehta’s Personal Life
Born in a Gujarati Jain family, Harshad was born to Shantilal Mehta and Rasilaben Mehta. Harshad’s father was a small-time textile businessman. Since Harshad was not a promising student, he came to Mumbai after completing his schooling. Later, while doing his B.Com, he carried on with several odd jobs.
In 1977, he married Jyoti Mehta and they had a son Atur (Aatur) Mehta. Harshad had 3 brothers Hitesh, Sudhir, and Ashwin Mehta. It is estimated that some of them were involved in his business ventures and scams.
Harshad Mehta’s Records and Achievements
Known as Big Bull of Dalal Street, Harshad earned this name for his ability to drive massive bull runs in the Indian stock market. Due to his aggressive investment strategy, the share prices of the companies rose from ₹200 to ₹9,000 in a few months.
Even though his achievements and records are not on the good terms, yet his work was backed by in-depth research resulting in high-end results.
Harshad was involved in the embezzlement of around ₹1,439 crore (around $3 billion at that time). It is still considered the largest financial frauds in the Indian history. Due to the scam, the Sensex went from 1,000 to more than 4,500 points in a year then crashed by over 40%, resulting in ₹1 lakh crore loss of investors.
Harshad Mehta’s Cars
He was famous for his luxury cars and had an impressive collection of 15 to 20 cars. Here are some of the notable ones:
- Lexus LS400 ₹35 lakh (imported, as seen with Harshad Mehta’s car)
- Mercedes-Benz W126 ₹25–30 lakh (imported; prices varied based on trim and import duties; these were rare luxury imports)
- Honda Accord ₹8–10 lakh (imported; not officially available, mostly NRI or grey market imports)
- Hindustan Motors Contessa ₹3–4 lakh
- Hindustan Motors Ambassador ₹1.5–2 lakh
- Fiat Padmini ₹1–1.2 lakh
Real Estate and Properties of Harshad Mehta
Madhuli Penthouse, Worli, Mumbai, was one of Harshad’s iconic properties spanning 12,500–15,000 sq. ft. It had 8 or 9 interconnected apartments and features a private swimming pool, mini-theatre, billiards room, nine-hole putting green, high-end imported furniture, spacious balconies with panoramic Arabian Sea views, and dedicated parking for his luxury cars
However, after the 1992 scam, the property was seized and auctioned. His other properties included:
- Vandana CHS, Juhu, 2 sea-facing flats (1,150 sq. ft. each): Seized & auctioned
- Maker Chambers V, Nariman Point, the entire commercial floor served as headquarters for Growmore Research & Asset Management: Seized
Future Plans & Projects of Harshad Mehta
After the exposure of the 1992 scam, Harshad Mehta was arrested and went through numerous legal battles due to the massive financial fraud he committed. Eventually, this led to his death in 2001.
