Check out the Index of Scam 1992 web series to watch in 2020. this show is based on 1992 Indian stock market scam committed by stockbroker Harshad Mehta.
The joint collaboration of the directors Hansal Mehta and Jai Mehta, along with the support of the writers Sumit Purohit and Saurav Dey has given us the best web series to binge-watch right now. All the buzz and hype about Scam 1992 web series release date is real, very real.
It outlines the whole story of Harshad Mehta Scam in 1992 and how he managed to scam everyone the meteoric rise and fall of his trajectory. If you haven’t watched it yet, don’t worry you’re aren’t too late. It was aired on 8th October, this year and if you catch up you’d still be in tune with the world. Here’s an index of Scam 1992 web series to help you out! Let’s have a look!
Harshad Mehta adapts a book that elaborates on the Stock Scam 1992 documentary, which is ‘The Scam by Debashis Basu and Sucheta Dalal’ that has given birth to the masterpiece Twitterati cannot stop rambling about.
The recent release of this Scam 1992 series and it’s Index of this latest Indian Hindi web series have people gushing and fawning over the unparalleled plot, the excellent cast, and the flawless acting.
Probably known as one of the greatest scams that ever managed to take place in history, that too in India, was the scam of 1992. The brainchild of the mastermind man, popularly known as “The Big Bull” Harshad Mehta, was himself behind it all. Born and brought up in a Gujarati Jain family in Mumbai, the prodigal son went on to create a scandal worth Rs. 49.99 billion. Not only did the scam expose his fast-paced con, but also the loopholes that still exist in the Indian Banking system and the Bombay Stock Exchange transaction system.
The one who starts out as a salesman in New India Assurance Company (NIACL) decides to join a brokerage firm B. Ambalal & Sons. In the course of two years, he managed to garner huge prominence in the Indian Securities Market, and people started referring to him as ‘The Amitabh Bacchan of the Stock Market.’
He soon became an able member of the Bombay Stock Exchange and even launched his own firm, GrowMore Research and Asset Management. Within a jiffy, numerous people started entrusting his business and investing in it, including the then minister Mr P. Chidambaram, through Mr Chidambaram’s own shell companies.
The simple master plan he took the help of, made him successfully manipulate the share price of Associated Cement Company (ACC) from Rs.200 to Rs.9000 in merely 3 months. All it took was a mutiny of brokers, Mehta, and a planned scheme of buying and selling that had the power to disrupt the Sensex.
The pioneer of the stock market, Harshad Mehat, made gullible people believe and invest in his self-made theories of Asset Replacement Value and the ones related to ‘Water & Gold’.
Mehta argued that the replacement cost of assets of ACC was way higher than its market capitalism, which justified the skyrocketing rise in valuation. His ‘Water & Gold’ theory went on to advocate the fact that water is cheap even though it supports life, as it’s available in vast quantities.
However, gold has sky-high price tags even without a real value. The point being, that if this water is sold in the middle of the Sahara Desert its cost would automatically rise, due to its scarcity. This way, he manipulated and created an artificial scarcity in stocks by mopping up their marketable liquidity, thus making the prices rise to unbelievable levels.
But the question here is, where did he fetch such a fortune from to invest in the first place? That’s exactly what the web shows answers. Up until 1990, banks in India were prohibited from investing in Equity Markets. However, they had to show proof of their profits and try to maintain a certain ratio of their assets in the Government’s Fixed Interest Bonds.
What Mehta did was sneakily squeeze cash out from the banking system to invest in share markets instead. He basically played pretence of addressing the bank’s problems and thus promised them a higher value in return. He made the deposit the amount to his personal account, disguised as buying securities from them from other banks.
During then, there had to be a middleman involved in the whole process. Meaning, the banks had to go through a broker to buy securities and forward bonds from other banks. What Mehta did was use it as a volatile fund in his account and invested it in shares, thus skyrocketing the demand of certain shares, mostly of acclaimed companies such as ACC, Sterlite Industries, and Videocon.
He sold the shares, passed on a part of the proceeds to the bank, and kept the rest for himself. Big brain moment, much? To ensure that the scam proceeds safe and sound, he made deliveries of the securities and payments through the brokers. To simply put, the person who is selling hands over the securities to the broker, who in turn hands it over to the buyer.
Similarly, the buyer stashes the cheque into the hands of the broker, who then pays the seller. So basically, neither does the buyer know who the seller is nor does the seller know who the buyer is. Both parties remain alien to each other’s identities, with only the broker knowing who’s there on both sides of the divide.
Another major prop that geared this scam towards success was the Bank Receipt. A Bank Receipt is the living proof that confirms the sale of securities, as it identifies itself as the amount of money received by the bank. Here’s the catch what happened is, the whole buying and selling didn’t quite happen in actuality. What the buyer was handed over was a Bank Receipt.
The Bank Receipt basically states that securities will be delivered, however, till then the seller has them on hold in trust of the buyer. All Mehta needed was a bank that could create fake Bank Receipts, and that’d all it’ll take for the scam to win. Two neglected, and almost non-existent banks the Bank of Karad (BOK) and the Metropolitan Co-operative Bank (MCB) served as the major pawns to help Mehta checkmate everyone.
As and when the fake Bank Receipts were issued by these banks and passed onto others, the recipients handed over the money to Mehta. They were under the impression that they were lending against government securities, but that was not the case. He used the money to shoot up the prices, earn the profit, and then return the money to the bank.
The whole scam came tumbling down when on 23 April 1992, a journalist decided to scribble the big revelation into one of The Times of India’s column. The column confirmed how Mehta was scamming the Indian bank system, to forge rises and earn profits unlawfully.
Once Mehta was exposed, numerous banks realized that they had been holding Bank Receipts with no value whatsoever. But it was too late. By then, Mehta had already ripped apart Rs. 4000 crore from their systems. The scam entered the critic radar of the Indian Parliament, which eventually led to the imprisonment of Harshad Mehta.
The chairman of Vijaya Bank committed suicide, as he was guilty of having issued fake Bank Receipts for Mehta, and knew that he would receive a thrashing backlash from the public. After a few weeks, Mehta came back again and started his own website where he would provide tips on the stock market, as a stock market expert. He also worked with a few companies and advised the shares of those companies only.
Harshad was a captive, held under criminal custody in the Thane prison. One night, he claimed to be having severe chest pains, following which he was admitted to Thane Civil Hospital. He died on 31st December, at the age of 47, after brief heart disease.
All he left behind was deconstructed realities for us to piece back together, loopholes for the Government to look into, and a terribly, tragically intelligent history. That’s all you need to know about the latest Hindi web documentary and the whole Harshad Mehta Story. and Guys, you can also download scam 1992 web show online in 2020 through Sonyliv App ‘Save Offline’ Option.
Suggested: Best Indian web series to stream now in 2020
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