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Harshad Mehta

Harshad Mehta is an Indian fraudster who is infamous for his $1.3 billion scam in the year 1992. “Mehta with his genius mind found the loopholes in the Indian banking system and securities; and through the loopholes he manipulated the Indian stock market with his investments”. During 1990s, banks in India were not allowed to invest in stocks directly but rather through a broker and so Mehta as a stock market broker used this opportunity to transfer large funds into his accounts with fake stamps.

He also used fake bank receipts to get money from the banks into his account by scamming them of sold stocks receipts; he invested on stocks with the money he swindled from banks and manipulated the stock market until he crashed it in the year 1992 while selling his shares for upmost profit. “He was convicted for his fraud in the year 1992 and was trialed for 9 years where he died during the trial.”