Harshad Mehta Scam – The Real Story in Hindi

Harshad Mehta ke scam ka magnitude itna bada tha ki agar aaj ke perspective se dekha jaye to usne Dalal street me ek “bear market” ki situation create kar di thi. Agar hum numbers par dhyan de to is akele aadami ne pure desh ko ₹24,000 crore ka chuna lagaya ( jo ki Nirav Modi ya Vijay Malya scam se kahin zada bada hai). Ek cheez jo Harshad Mehta ki kahaani ko aur bhi dilchasp banati hai wo ye ki, wo jeb me sirf  ₹40 lekar mumbai aaya tha, iske bavajud itne bade level par desh ko influence karne me successfull raha.

Harsht Mehta ne 1976 me Lala Lajpatrai college, Mumbai se apni B.com ki padhaai puri ki thi aur agale 8 saal tak kayee companies me job kiya. New India Assurance Company Limited (NIACL) ke mumbai office me ek sales job se usne apna career shuru kiya tha. Issi dauran uska share market me interest badhne laga aur kuch hi dino baad wahaan se resign karke usne ek brokerage firm join kar liya.

1980’s me usne ek brokerage firm Harjivandas Nemidas Securities me lower level clerical job join ki, jahaan usne Broker Prasann Pranjivandas ke liye kaam kiya, jinhe wo apna guru maanta tha. Agale das saalo me usne kayee brokerage firms ke liye kaam kiya aur aakhir me jaake 1984 me GrowMore Research and Asset Management naam se apna khud ka brokerage khol kar BSE ka broker ban gaya.

Harshad Mehta ne ye scam karne ke liye Ready Forward Deal ka use kiya tha. Development projects ke expenses ko cover karne ke liye government, securities ya fir bonds issue karti hai. In securities ke jariye government investors se paisa uthati hai aur badle me unhe ek pre determined interest deti hai. 1991 me liberalisation ke baad public sector banks ke uper profitability maintain karne ka pressure tha. Indian economy me competition badhne ki wajah se saare banks ko in securities me invest karna compulsory tha.

Agar kisi bank ko paison ki shortage hoti mtlb usse apni government bonds ki holding ko badhane ki zarurat hai. Bonds khareedne ke pure process se guzarne ke bajaye wo Ready Forward Deal (RFD) system ka use karte the. RFD ek 15 days ka short term loan instrument hai. Iski help se jab bhi kisi bank ko paison ki zarurat padti thi to wo dusare bank ko apni government securities bech kar unse short term loan le lete. Fir Kuch dino baad ek fixed interest ke saath paise wapas karke apni government securities ko wapas le lete. Lekin is Ready Forward deal me kayee loopholes the jinka Harshad Mehta ne ache se faida uthaya.

Actual me bonds transfer na karke Bank Receipts (BR) ko transfer kiya jaata tha. Bank Receipts  ek tarah ka confirmation hota tha ki government securities sale ho gayi hai aur bechne wale bank ko uska paisa mil gaya hai. Aisa isliye tha kyunki banks ke paas jo government securities thi unki Keemat 100crore tak ki hoti thi lekin banks ko itne saare paison ki zarurat nahi thi. Isliye Bank Receipts ek zada convenient option tha short term transfer ke liye.

Is pure process me brokers banks ke beech intermediary yaani dalal ka kaam karte the. Jin banks ko securities beechni hai unke liye buyers dhundhte the aur jinko securities khareedni hoti thi unke liye sellers.

Saari securities ka khareedna aur bechna Harshad se hota tha. Banks ko pata bhi nahi hota tha ki wo kis bank ke saath deal kar rahe hai. RBI ki guidelines ke according cheques hamesha banks ke Naam par issue karna hota hai. Lekin us time par Harshad Mehta ka bohot bada naam tha stock market me. Issi baat ka faida utha kar usne banks se saare cheques apne naam par issue karwaye. Aur Stock market me apne naam ka galat faida uthaya.

Usne banks se mile hue saare paison ka use stock market ko manipulate karne ke liye kiya. Wo ek time pe kayee banks ke saath deal karta tha. Iski wajah se uske paas hamesha acha khasa paisa rehta tha jise wo stock market ke prices badhane me laga deta.

Jab stock market ke prices badhane ke liye Harshad Mehta ko aur paison ki zarurat padi to usne Bank of Karad (BOK) aur Metropolitan co-operative Bank (MCB) ke saath mil kar fake Bank Receipt banayi. Fake BR me koi securities nahi thi wo sirf  kaafaz ke tukade the jinki koi Keemat nahi thi. Ye waisi hi situation ke jaisa hai jab koi bina kisi collateral ke loan leta hai.

Jab bhi kisi bank ko government securities khareedni hoti thi to wo unhen fake Receipt deta tha aur banks ye soch kar use paisa de dete the ki BR original hai aur unhen government securities mil gayi hai. Lekin actual me aisa nahi tha. Bank se mile saare paison ko Harshad ne stock market ko manipulate karne me laga diya.

Un paison se usne kayee companies ke shares ki demand bohot upar tak pohocha di thi jaise ki ACC, Sterlite industries aur videocon. ACC ke stock prices to sirf 3 mahinon me 200 se sidha 9000 par pohoch gaye the. Banks se mila paisa Harshad heavy stock market me invest karta gaya. Isse share prices badhne lage aur stock market me tezi aa gayi. Aisa hote dekh aur log bhi stock market me apna paisa lagane lage. Jisse shares ke prices lagatar badhne lage.

Stock market jab peak par aata tha to Harshad Mehta apne shares bech kar paise kama leta aur banks ko unke paise return karke apni fake Bank Receipts wapas le leta. Ye silsila kaafi time tak chalta raha.

Lekin jab stock market me bear run aaya yaani jab mandi hui to share prices lagatar girne lage aur Harshad Mehta ko kaafi loss hua. Is wajah se wo banks ka paisa wapas nahi kar paya.

Journalist Sucheta Dalal ko Harshad Mehta ki luxurious lifestyle dekh kar thoda interest jaga is matter me aur unhone un sources ko investigate karna shuru kiya jinke jariye Harshad Mehta ne is tarah ki wealth hasil ki. 23 april 1992 ko Sucheta Dalal ne Times of India ke article me is pure scam ko expose kiya. Is scam ke expose hone ke baad banks ko pata chala ki wo saare Bank Receipts jo Harshad Mehta ne unhen diye the fake hai. Banking System ko kareeb 3000-4000 crore tak ka nuksan hua tha. Jo ki us time pe bohot bada amount  tha.

Is scam ke expose hone ke baad stock market buri tarah se crash ho gaya tha. Bohot se investors ko kaafi bhaari nuksan hua tha. Saare banks Harshad Mehta se apna paisa mangne lage lekin bear run aur market collapse hone ki wajah se usse bohot loss hua tha aur wo banks ko paisa return nahi kar paya.

Harshad Mehta ke against kareeb 600 civil action suits aur 70 criminal cases file kiye gaye. SEBI ne Harshad Mehta ko hamesha ke liye stock market me invest karne se ban kar diya. 9 November 1992 ko CBI ne use arrest kar liya aur arrest ke baad use thane jail me rakha gaya. Suddenly ek raat use chest pain hone laga to use hospital me admit kiya gaya. Aur akhir me jaake 31st Dec 2001 ko new year ki raat 12:30am par uski death ho gayi. Harshad Mehta ke death ke time bhi 27 cases uske against pending the.

1990’s me Harshad Mehta stock market ka itna bada naam tha ki use stock market ka “Amitabh Bachchan” kaha jaata tha. Uske liye “The big bull” aur “Raging bull” jaise terms use kiye jaate the. 1990s ke decade me wo particularly apni wealth ke liye jana jata tha. Wo apne 15000 sq. ft. Ke penthouse aur cars ka showoff karne se kabhi pichhe nahi hata tha. Yahaan tak ki 26 crore ka tax pay karke wo India ka biggest individual tax payer bhi bana.

Itna bada scam karne ke bavajud, kuch logo ke liye wo ek hero ki tarah tha.  Economic times ne apne columns me likha ki kuch financial experts ka manana hai ki Harshad Mehta ne koi scam nahi kiya usne bas system ke loopholes ka faida uthaya. Harshad Mehta ko describe karte hue journalist Suchitra Dalal ne usse charismatic, ebullient aur recklessly ambitious bataya tha. Shayad ye recklessness hi thi jo uske downfall ka karan bani.