The Times reported that Mehta collected fake bank receipts to get other banks to pay him money under the belief that they were lending against securities. That money was diverted to stocks that were then sold at profit after the stock market surged.
Mehta was arrested in 1992 and charged with more than 70 criminal cases related to bribery, cheating, forgery, and other alleged crimes. He was also charged with more than 600 civil action suits. He died in 2001 at age 48 with 27 cases still pending.
In addition to the BSE scandal, Mehta also claimed he paid Rs 1 crore to Prime Minister P.V. Narasimha Rao as a political donation for getting him “off the hook,” The Hindu Business Line reported following Mehta’s death.
View more information: https://marketrealist.com/p/harshad-mehta-net-worth/