As far as Indian stock market history goes, one name still generates intrigue: Harshad Mehta. To some, he was the “Big Bull” who demonstrated how the markets made wealth. To others, he was the guy who perpetrated one of the nation’s most famous scams. His penthouse in Worli became the symbol of that success and excess. The house stood as evidence of his success – its expansive glass windows, its own swimming pool, and an enchanting view of the ocean. It became a reminder of his decline.
From Small Beginnings to Big Bull
Harshad was born in 1954 in Rajkot, Gujarat. He was raised in a modest home. He moved to Mumbai with his family later on and studied and worked odd jobs there. He was an insurance clerk, a sales assistant, and even a cement dealer before making it big on the Bombay Stock Exchange.
By the 1980s, he had established himself as an astute trader. Investors were his willing followers. By the close of the decade, the media had hailed him the Big Bull of Dalal Street.
Critical ingredients for his success:
- A good sense of timing in share transactions.
- Influence on market direction.
- Establishment of trust among retail investors who tracked his selections.
The 1992 Stock Market Scam
In 1992, a veil was lifted on the fraud that revolutionized India’s financial markets. Harshad was charged with misusing banking loopholes to finance his stock market trading. The technique primarily consisted of:
- Fake bank receipts: Generated for transferring nonexistent money.
- Ready-forward deals: Abused for transferring money from banks to stocks.
- Price manipulation: Driving a few stocks to unimaginable heights.
One of the best-known cases was ACC Limited. Its price went from about ₹200 to almost ₹9,000 within a matter of months, courtesy of his trades.
The scam was valued at over ₹4,000 crore at its peak, a gargantuan amount for the day. When it got exposed, the market crashed, destroying savings and eroding faith in the system.
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The Worli Penthouse
The Worli house is still recalled as Harshad’s most opulent asset. It was in South Mumbai and a palatial duplex penthouse with an unparalleled sea view.
Special features:
- Glass walls, floor-to-ceiling opening to the Arabian Sea.
- Modern, expansive interiors that were a rarity in 1990s India.
- Private pool on the rooftop.
- Entertainment space and luxury bedrooms with a view to entertaining.
At the time, Mumbai’s property market had not yet seen many such ultra-luxury homes. His penthouse became a talking point, often featured in newspapers and business magazines.
After the scam broke, the same property was taken over by the authorities. Later, it went up for auction to recover dues from creditors and banks.
Other Properties
In addition to the Worli penthouse, Harshad allegedly controlled other assets:
Flats in South Mumbai.
- Office premises for his share market activities.
- Few commercial properties.
- Art and other valuable investments.
Most of these assets ultimately passed into the hands of the Custodian under the Special Courts Act. Several were auctioned over time to repay banks and financial institutions.
Snapshot of Key Details
Here is a rapid glance at some high points in his life, money, and fall:
| Category | Details |
| Nickname | Big Bull of Dalal Street |
| Year Scam Broke | 1992 |
| Estimated Scam Size | ₹4,000 crore+ |
| Iconic Property | Worli Penthouse with pool and sea view |
| Known Cars | Lexus LS400, Toyota Corolla, Honda Accord |
| Harshad Mehta family member | Wife (Jyoti Mehta), Son (Atur Mehta), Brothers (Ashwin, Sudhir, Hitesh) |
| Death | 2001, heart attack in Tihar Jail |
The Peak of Wealth
In the early 1990s, Harshad’s fortune was a topic of non-stop gossip. Even conservative estimates put his net worth at between ₹3,000–₹4,000 crore. With inflation adjustments, that would be significantly higher.
It was reflected in three broad ways:
- Real estate: The penthouse in Worli and other holdings.
- Luxury cars: Foreign models that were not common in India.
- Stock market presence: Power to move shares of blue-chip stocks.
Politicians, celebrities, and industrialists at one time asked for his companionship. He was regarded as a market-predicting financial genius who controlled the market.
Harshad Mehta’s Lavish Lifestyle
Once he had amassed incredible amounts of money from the share market, Harshad Mehta started living in undiluted luxury. His way of life bore witness to his transformed life. Between the late 1980s and the early 1990s, he transitioned from a modest upbringing to owning one of the priciest flats in Mumbai.
His core living space was the Madhuli Apartment in Worli, Mumbai. The apartment represented a notion larger than being simply a place of residence; it was a reflection of how quickly money can change one’s life. Spanning 15,000 sq. ft, it was comprised of myriad rooms, private parking, and furnishings designed with an extravagant love of design.
People in the surrounding area would characteristically use the phrase “ahead of its time” to quantify the apartment. Luxurious wood furniture, foreign marble, and upmarket decoration adorned every inch. Even his Roof Garden became popular as a place where he would throw grand parties for Bollywood celebrities, business people, and politicians.
His Cars: Another Show of Affluence
Apart from his home, Harshad was also obsessed with luxury vehicles. He had one of India’s first Toyota Lexus cars. At that time, a Lexus was not officially on sale in India, and importing one was a significant task.
Harshad Mehta’s Car Collection
| Car Brand/Model | Specialty |
| Toyota Lexus LS 400 | Rare in India during the 1990s, a status symbol |
| Toyota Corolla | Popular choice for business class |
| Maruti 800 (modified) | Simple but heavily customized |
| Other Imported Cars | Used for business meetings and shows |
The Toyota Lexus LS 400 was one of his signatures. It was a “super-rich” car. Even having it was not only turning heads but also making Mehta seem unreachable within the financial market.
Harshad Mehta’s Family
The Harshad Mehta family played a significant role in his life. Despite all the scandals, his family was with him. Especially when he was going up and when he was falling.
- Wife – Jyoti Mehta: She was a reserved person, but never left her husband’s side. After Harshad’s untimely death in 2001, she struggled for years in court to claim money due to him. In 2019, she successfully pursued a case against a broker and secured over rupees six crore, including interest.
- Son – Atur Mehta: Harshad’s son maintained a very low-key profile. Unlike his father, Atur never ventured into the stock market. Instead, it is reported that he ventured into business activities outside the finance sector.
- Brother – Ashwin Mehta: He was also part of the business activities of Harshad. Post the scam being exposed, Ashwin had various cases and legal issues. However, in recent years, he has become a lawyer and is now practicing in the Supreme Court.
Harshad Mehta family retains some of the remaining assets after Harshad’s death, but most of his empire was lost through legal cases and repayments.
Other Properties Belonging to Harshad Mehta
Harshad also invested in a few other properties aside from the Madhuli Apartment.
Real Estate Belonging to Harshad Mehta
| Property Type | Location | Status After Scam |
| Sea-facing flats | Mumbai (Worli, Malabar Hill) | Seized by authorities |
| Office Spaces | Nariman Point, Mumbai | Auctioned by banks |
| Holiday Homes | Alibaug & Lonavala | Ownership unclear |
| Land Investments | Gujarat & Maharashtra | Legal disputes |
These properties were a combination of personal use and investment. Most of them were either confiscated or sold by the government to cover debts after the scam.
The 1992 Scam: The Turning Point
The 1992 securities scam turned everything around. Harshad had utilized bank receipts (BRs) and loopholes in the stock market system to divert money illegally. He used this money to manipulate stock prices, earning enormous profits.
At one time, the Bombay Stock Exchange (BSE) was in his hands. Share prices of companies he invested in went through the roof, and small investors who did the same made money too at first.
But when the scam was unearthed, the share market collapsed. Billions were lost in a matter of
days. Thousands of investors suffered losses. Harshad was arrested, and his assets, including his posh bungalow, were confiscated.
The Madhuli Apartment was later auctioned, putting an end to the saga of one of India’s most controversial financial personalities.
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The Harshad Mehta Legacy
Even today, controversies surround the name Harshad Mehta. Some view him as a villain who created financial mayhem. Others view him as a genius who revealed loopholes in the Indian banking and stock system.
The web series “Scam 1992: The Harshad Mehta Story” made his life famous again. It showed how he began from the ground up, lived a life of opulence, and then hit rock bottom. His bungalow, cars, and lifestyle were all well enacted on television. People wanted to know what his real assets were.
