Why Harshad Mehta Scammed India ?
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The main perpetrator of the scam was stock and money market broker Harshad Mehta. It was a systematic stock fraud using bank receipts and stamp paper which caused the Indian stock market to crash. ... He committed a fraud of over 1 billion from the banking system to buy stocks on the Bombay Stock Exchange
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In the history of scams in India, the year 1992 holds a special place. That year, for the first time, the country saw an ingenious machination of its stock market.
Involving a fraud of around Rs 4,000 crore, the ‘Securities Scam’, as it came to be known, is still one of the biggest frauds perpetrated on the Indian stock market to date. In all, Mehta defrauded the banks of nearly Rs 4,000 crore. Later, when his mode of operation in the stock market was discovered and exposed, banks realised that they were in possession of fake BRs holding no value.
Conclusion he scammed India in order to increase money and good wealth..
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Involving a fraud of around Rs 4,000 crore, the ‘Securities Scam’, as it came to be known, is still one of the biggest frauds perpetrated on the Indian stock market to date. In all, Mehta defrauded the banks of nearly Rs 4,000 crore. Later, when his mode of operation in the stock market was discovered and exposed, banks realised that they were in possession of fake BRs holding no value.
Conclusion he scammed India in order to increase money and good wealth..
Hope it helps
Thanks
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