Harshad Mehta Was Seen Like A Hero; Now Thousand Crore Scams ...

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Harshad Mehta made the market euphoric, and, in the process, used banks and misused the stock market. He himself had become a hero, or you could say a ‘Don’, Vijay Kedia, MD, Kedia Securities, told Moneycontrol’s Kshitij Anand in an interview.

Edited excerpts:

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The 1992 scam, in which Harshad Mehta allegedly committed a fraud of Rs 1,000-4,000 crore on the banking system to buy stocks on the Bombay Stock Exchange (BSE) had the market tumbling down. It was multiple scams, all rolled into one. What was the scam all about?

Kedia: Let’s understand this. Only two things in the world drive all scams -- greed and ego. Greed to make quick money and ego to beat the system and become invincible. That’s what happened in the 1992 scam as well.

Although I was new here, I feel that I was really fortunate to be present around that time because I tend to learn a lot from adversity.

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