You must have seen various quotes from the recent web series ‘Scam 1992’ trending on social media. On 9th October, 2020 SonyLIV released a web series titled ‘Scam 1992’. Directed by Hansal Mehta, the series is the highest rated with a rating of 9.6/10 on IMDb. The series is adapted from a book titled ‘The Scam: Who Won, who Lost, who Got Away’ by Sucheta Dalal and Debashish Basu. The series has received a positive response from the audience and also comes out as one of the best series of 2020.
Presenting the biggest scam on screen, it has been loved by many. Starring Pratik Gandhi, Hemant Kher, Ramakant Dayma, Jay Upadhyay Kartik Krishnan, Shreya Dhanwanthary, and more, the plot is based on the 1992 Indian stock market scam which we will look into further in detail. The series consists of 10 episodes of approximately 45 minutes of runtime per episode. The series is worth a watch and is available for streaming on SonyLIV.
Loved Loved Loved #Scam1992 What a FANTASTIC Show!! With such Amazing Screenplay and Banging Performances @mehtahansal Sir🙏✨ @CastingChhabra what Amazing Casting Bahiya.. 👏👏 Kudos to the Entire Team!!❤️💫 @SonyLIV Guysss Pleaseeee Watch this super amazing Show!! #mustwatch
— Varun Sharma (@varunsharma90) October 17, 2020
💰Scam 1992 Review :
Cinematography, Music, Shoot, Acting, Cast, Sab BEST! Matlab… Ek Alag Hi Level Wale Best Hai Sab.
Acting = Gawwwd Level 🙌🏻
— Soumya Agrawal (@soumya__ag) October 11, 2020
Finished watching #Scam1992. Excellent series, enjoyed it thoroughly.
Hopefully the positive reviews for this series + The Netflix billionaires documentary starts a new wave of well-produced Indian non-fiction storytelling.
— Chinmay Bhogle (@chinmaybhogle) October 17, 2020
What is the show ‘Scam 1992’ about?
The scam protagonist is Harshad Mehta. Mehta was a stockbroker who gained a lot of wealth through trading activities in the Bombay Stock Exchange. After his schooling, he went on to do various jobs in order to earn money for survival. He started off his career as a salesman in Mumbai. Mehta started developing interest in the stock market. He joined the brokerage firm and over the course of 10 years rose to a position of prominence in the securities industry. Everyone knew him due to his tactics and strategies.
As a result, he turned himself into a very popular broker. He started doing heavy trades and whenever he bought a share, the prices stocked up. In 1990, everyone used to call Mehta as the Big Bull and he was visible on every well-known newspaper and magazine. He gained a lot of wealth and started living a luxurious life. For getting work done, he started manipulating numerous aspects of BSE. This led to the biggest financial scam that the country had ever seen.
Everything you need to know about the real-life Indian Stock Market scam:
The government did not allow banks to invest in equity markets during that time. However, Mehta got them involved in the share market. Promising higher interest rates for transferring money into his personal account with the books showing the money as a payment for his security services. This hiked up the shares of numerous companies. Hence, the people of India also know it as the securities scam. Mehta had planned the systematic scam with the help of bank receipts. A stamp paper was orchestrated against the State Bank of India. In that, the officials forged the signatures and transferred a large amount of money. The fraud led to the Indian Stock Market to crash with people losing all of their money.
Around 100,000 crores index fall was seen which is considered the fastest fall ever seen. After investigation, they found out that many bank officials colluded with Mehta in the scam. After the bank receipt scam, the chairman of Vijaya Bank committed suicide. It led to a breakdown of the banking system and RBI. After wiping 40% of the market, the government restructured the financial system. They formed a new committee called the Securities and Exchange Board of India. It made sure that the banks follow the guidelines given by the Reserve Bank of India. Mehta was sentenced to five years of imprisonment and a fine of ₹25,000. He also stated that Mr. PV Narasimha Rao had helped him to get off the scandal after he paid him ₹1,00,00,000 as a donation.
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