💴TRUE CRIME PROFILE:HARSHAD – THE SCAMMER WHO BOUGHT HIS WAY TO THE TOP

 Byline: Anmol Kapoor | Crime & Finance Desk

Name: Harshad Mehta (Alias: "The Market Magician")

Age at Arrest: 42

Crime: Financial Fraud, Stock Manipulation, Money Laundering

Estimated Scam Amount: ₹1.7 lakh crore

Status: Incarcerated; Ongoing Investigations

The Rise of a Middle-Class Man

Born in a chawl in suburban Mumbai, Harshad Mehta was an ordinary boy with extraordinary ambition. His father worked in a textile mill, and his mother stitched blouses for local boutiques. Money was always tight, but dreams never were.

Harshad was sharp, observant, and dangerously patient. He had no connections, no elite degree, but he had something better: a grudge.

The Trigger: An Insult That Changed Everything

Sources close to Harshad say it all changed during a college reunion. A former friend, now a high-flying banker, ridiculed him publicly—mocking his salary, his clothes, and his lack of "success." The humiliation didn’t just sting—it ignited.

From that moment, Harshad didn’t just want success. He wanted revenge. And he chose the one battlefield his tormentors worshipped: the stock market.By Aarav Sharma| Crime & Finance Desk | Published: May 8, 2025

Overview

Name: Harshad Mehta (Alias: The Market Magician)

Age at Arrest: 42

Primary Crimes: Stock manipulation, bank fraud, money laundering

Estimated Scam Amount: ₹1.7 lakh crore

Current Status: Incarcerated; facing multiple trials

The Humble Beginning

Harshad Mehta’s story didn’t begin in a boardroom but in a cramped one-room house in suburban Mumbai. Born into a lower-middle-class family, his early life was filled with hardship and ambition. His father worked at a textile mill, and his mother took stitching jobs. The dream of financial success was always distant—but never dead.

The Insult That Sparked an Empire

Friends recall a turning point in Harshad’s life—a college reunion gone sour. A former friend, now a well-placed banker, publicly mocked Harshad’s salary and social status.

“Still counting rupees while we’re counting millions?”

— Anonymous Witness

That one line reportedly triggered a transformation. Harshad didn’t just aim to succeed—he aimed to dominate. And the playground he chose was the very stock market where his elite peers thrived.

The Scam Blueprint

What began as modest stock broking evolved into full-blown financial fraud. Harshad manipulated the stock market using:

Shell companies to create fake trades

Circular trading to artificially inflate stock prices

Forged bank receipts to acquire massive loans

Insider influence to suppress regulation

His grip on the Bombay Stock Exchange was so strong, he controlled nearly 30% of daily trades at one point. He built wealth out of thin air, fooling even the smartest minds in finance.

The Lavish Illusion

At the height of his power, Harshad lived like a king:

A luxury penthouse overlooking the Arabian Sea

Imported sports cars

Lavish parties attended by Bollywood stars and political influencers

Appearances on financial news channels as an "expert"

Behind the charm, however, was a carefully hidden web of lies.

The Crash

It all came crashing down in early 2025 when a whistleblower at a major public sector bank exposed anomalies in large loan transactions. A coordinated investigation by SEBI, RBI, and the Enforcement Directorate unearthed one of the largest financial scams in Indian history.

Within weeks:

His assets were frozen

Dozens of companies were found to be fraudulent

Associates began turning state's witnesses

Harshad was arrested under multiple charges

The Aftermath

India's financial ecosystem was shaken to its core. Reforms were swiftly introduced:

Tighter insider trading laws

Stricter auditing of financial institutions

Greater regulatory oversight of stock exchanges

Harshad’s name became synonymous with greed and manipulation. And yet, he remained defiant.

“I didn’t break the system. I just used the cracks no one cared to fix.”

— Harshad Mehta, during interrogation