iScam 1992: In 1992 Sucheta Dalal broke out the news in a daily newspaper regarding a scam, systematic fraud committed by Harshad Mehta in the Indian stock market which made the entire securities system collapse.

Mehta allegedly committed a fraud of over 1,000 crores from the banking system of India to buy stocks on the Bombay Stock Exchange and manipulated the stock prices.

Now that everyone has binge-watched ‘Scam 1992’ on SonyLIV, one of the highest-rated IMDB Indian web series and it is there on everyone’s mind. Let us have a look at some of the key characters and what are they up to now.

Here are some Characters you want to Know:

Ashwin Mehta

Ashwin Mehta pursued a degree in law. He is a lawyer practicing law in Mumbai High Court as well as Supreme Court and fought several court cases single-handedly. Ashwin reportedly was fighting the legal battle until 2018 that he was finally cleared by a special court. The final charge that was dropped was regarding the SBI fraud.

Pranav Sheth

Jai Upadhyay plays the character of Mumbai based stockbroker, Pallav Sheth, who is famous for rigging the shares of ITC and was involved in other infamous scams as well.

In the late 1990s, the Central Bureau of Investigation (CBI) had charge-sheeted Sheth in cases relating to Canbank Mutual Fund and Fairgrowth Financial Services.

In 2018, Pallav Sheth was acquitted and released of the charges on him.

Manu Mundra

The character Manu Mundra is based on the life of the stock market kingpin in the 80s, ‘Black Cobra’, A skilled and shrewd trader, he and the “rhythmic swish-swash of his starched dhoti and Jaipuri mojari” were well-known across Dalal Street.

According to Kisan Ratilal Choksey, the founder of K R Choksey Shares and Securities “Manek was a legendary personality and a powerful operator who dictated the market. Without his nod, it was impossible to become the director of a company. Apparently, on the day of the election, he would send the name or list of directors to the companies and only those people ever got elected.”

In the early 1980s, he was also involved in a tussle with Late Dhirubhai Ambani and started short selling Reliance stocks only to later pay dues to Anand Jain and Dhirubhai Ambani and also caused the Bombay Stock Exchange to close down for a few days..

Manu Manek was never booked in any stock market scams.

Ajay Kedia

Shadaab Khan plays the character which is based on Ajay Kayan. He currently works as a Director at SMIFS Capital Markets.

A.S. Thiyagarajan

A.S. Thiyagarajan is now the Managing Director of Aquarius Investment Advisors based out of Singapore. He was the Treasury Chief of Citibank at that time and was later moved to New York.

K Madhavan

He died at the age of 83 in Jan 2020 in Delhi.

Madhavan resigned from service allegedly due to interventions in the probe into the securities scam in 1992. He later enrolled as an advocate and was appointed as the inquiry commission in the BCCI corruption case

He was involved in the investigations of Bofors and Bhopal gas tragedy cases as well.

How people have reacted to similar tweets

Haven’t gotten over the show #Scam1992 . It is playing non stop in my head. It isn’t just a show. It impacts you like Life does. This show is like a “life lived”. There is so much I want to talk about and know how you all did it @mehtahansal

— Anurag Kashyap (@anuragkashyap72) October 27, 2020

Having personally known almost all the characters including Harshad Mehta, the web series #Scam1992 made those old crazy times alive. Superb acting by @pratikg80, dogged character of @suchetadalal, great direction, casting and dialogues makes it an absolute Must Watch @nairsameer pic.twitter.com/0o6z7QSgmt

— Harsh Goenka (@hvgoenka) October 26, 2020

Unpopular Opinion when “The Scam 1992” is now being eulogized by many and the compilation is hailed by Market people:
But for Harshad Metha Indian Stock markets would have remained in the stranglehold of a few operators led by legendary Manu Manek.

Harshad brought it to masses!

— Sriram (@Raminations) October 11, 2020

 

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