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Slide 1 - Where is Ashwin Mehta now? It was not until 2020 that the 1992 stock market scam that jolted the Indian financial system revealed the events that shook the stock market in the 90s, which led to the web series Scam 1992 revealing the events that shook the stock market in 1992 and made Harshad Mehta - the kingpin of the scam - a household name. However, few people know about Ashwin Mehta , his brother who was equally responsible for the 1992 scam. He orchestrated the whole 1992 scam that stole crores of dollars from investors and brought to light the flaws in our financial system. The result was the formation of the Securities and Exchange Board of India (SEBI), which monitors the Indian securities market.
Slide 2 - Who is Ashwin Mehta? And What Was His Role In Scam 1992? In 1956, Ashwin Mehta was born in Paneli Moti in Gujarat, and his current age is 66. Ashwin Mehta is widely known for being Harshad Mehta's brother. He has three siblings, Sudhir Mehta, Harshad Mehta, and Hitesh Mehta, in addition to his father, Shantilal Mehta, and his mother, Rasilaben Mehta. Ashwin Mehta is the younger brother of Harshad Mehta and he attended Holy Cross Byron Bazar School for his primary and secondary education before moving to Mumbai to study higher education. Harshad Mehta worked as a stockbroker after coming to Mumbai, whereas Ashwin Mehta studied law. His Role In Scam - Though Harshad Mehta orchestrated the whole scam, allies were critical in helping him carry out a scam of such magnitude. Ashwin Mehta, Harshad Mehta brother, served as Harshad's point of contact throughout this entire incident. As Harshad's brother, Ashwin Mehta was Harshad's trusted ally throughout the whole incident.
Slide 3 - What was the 1992 Scam all about? The biggest stock market scam in India took place in 1992, involving stockbroker Harshad Mehta. At that time, the scam size was Rs.4000 crore, which according to 2022, is approximate Rs.25,000 crore. Including Nirav Modi and Vijay Mallya in the scam, it would still be the biggest scam in today's terms if it were not for the Nirav Modi scam. When they were doing ready-forward deals, banks used to exchange cash with each other by mortgaging government securities rather than physically transferring these securities by using bank receivables from the borrower bank to the lender bank. The Indian stock market was inflated by Harshad Mehta, who used bank receivables to pump money into the market illegally and inflate stock prices. A web series emerged in 2020 that described the whole scam of 1992 in a detailed and engaging manner. To get a better understanding of what went wrong for the Mehta brothers, you can download the scam 1992 web series from Sony Liv, as well as watch the scam 1992 web series on Sony Liv.
Slide 4 - Where is Harshad Mehta Brother Ashwin Mehta Now? Even though the majority of the criminal accusations brought against Harshad Mehta were dropped following his untimely death, Ashwin Mehta was left to fight the battle by himself. Ashwin Mehta removed himself from the stock market following the controversy and pursued a legal career instead. Ashwin Mehta was sentenced to five years in prison and a fine of Rs. 5 lakhs for collaborating with the ONGC management to divert funds totaling 680 crores between 1989 and 1991. Even though Ashwin Mehta spent a brief time in jail, a special court cleared him of all charges in 2018, with the SBI fraud case serving as the final one from which he was exonerated. In addition to this, Ashwin Mehta's net worth was severely damaged when he was forced to reimburse many banks a sizeable sum of Rs. 1700 crore as restitution for all the fraudulent acts that occurred in 1992.At now, Ashwin Mehta is an active lawyer in the Supreme Court and High Court of Mumbai. He fought a lone battle for years to exonerate himself and his family from the scandal, and he has now prevailed and is living a respectable life.