Index of Scam 1992 (Nov 2020) Read to Know the Story! >>The write-up provides details of India’s biggest scam in the stock market, the most significant financial scam in 1992.
The Pandemic caused by COVID-19 has quarantined everyone across the world. Even the movie theatres were closed for many months, leaving people with no entertainment option than On-The-Top or OTT Platforms. A majority of movies released during the pandemic were on digital OTT platforms. Because of this, every week, one or the other web series was launching, including the highly appraised Index of Scam 1992.
You might be aware of the financial scams taking place in various countries, and one such fraud is the scam 1992 that took place in India. The person behind the scam was Harshad Mehta, who died of a cardiac arrest later.
Recently, on 9th October, Sony LIV launched a web series called Scam 1992, and in this article, we will tell you about the scam and the details about the series. So read this article to know more about Index of Scam 1992.
Who was Harshad Mehta?
Harshad Mehta was a stockbroker in India born in 1954. He was popularly known as the ‘Big Bull’ of the stock market. In the stock market, the bull is a term for the rising prices of the stocks, and the bear is for a downward fall.
Harshad Mehta was only focused on raising the securities’ prices in the stock market in his whole career. He was famous for giving profits to many people, and all the investors were pleased, but he was part of many frauds related to banks and other stock market rules and regulations in the ‘Index of Scam 1992‘. Later, after all his frauds, the stock market crashed, and many people lost their money.
Web series Scam 1992:
The series launched on 9th October on the Sony Liv OTT application for the premium members. Jai Mehta and Hansal Mehta directed the web series. The first season of the series comprises ten episodes.
The story narrates the struggles and career of Harshad Metha; the role played by actor Pratik Gandhi. Shreya Dhanwanthary was behind the part of news reporter Suchita Dalal who brought this scam to the limelight.
What was the scam?
The Index of Scam 1992 web series narrates the financial scam of 1992 along with the loopholes in the financial system. This scam took place when Harshad Mehta took a loan from the SBI for 500 Cr. and did not provide the bank with any securities or bank receipts.
To repay that loan, he further took the loan from NHB that is the subsidiary of RBI, and again it was all unofficially. The Scam of 1992 was the biggest in the country that shocked the entire financial system.
The money he was taking from the banks was for buying the stocks and raising the securities’ prices in the stock market. When the fraud came outside via Times of India’s reporters, the stock market crashed completely as the investors who were investing in the stock suggested by Harshad Mehta and his company lost the trust in the company.
Many financial scams took place after the 1992 Scam, but it was the country’s most massive financial scam. Harshad Mehta was referred to as the big bull of the stock market, and even today, the stockbrokers praise him and worship him for his skills and talent as a stockbroker.
The ‘Index of Scam 1992’ shows the financial system’s loopholes and how the stockbroking companies take advantage of the people’s money. Watch this fantastic web series on the Sony LIV premium app.