The scam was publicly exposed in April 1992 by investigative journalist (played by Shreya Dhanwanthary). Her reporting in The Times of India revealed that Mehta had siphoned an estimated ₹4,000–5,000 crore from the banking system, leading to an immediate market crash that wiped out approximately ₹1 lakh crore in investor wealth. The fallout prompted a complete overhaul of India's financial regulations, including the strengthening of the Securities and Exchange Board of India (SEBI) and the modernization of banking controls. Cultural and Technical Excellence
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In 1992, India’s financial markets convulsed under one of the country’s most notorious frauds: the stock-market manipulation orchestrated by stockbroker Harshad Mehta. What began as aggressive trading on behalf of selected institutional clients evolved into a vast scheme that exploited loopholes in the banking system, misused ready-forward transactions, and siphoned off funds through forged bank receipts. The fallout exposed systemic weaknesses across banks, brokers, and regulators, triggering investigations, prosecutions, and lasting reforms in market oversight. The scam was publicly exposed in April 1992
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Why it still matters The Harshad Mehta episode demonstrated how concentrated influence, regulatory gaps, and financial engineering can combine to create systemic risk. Contemporary parallels — from complex derivatives to shadow-banking vulnerabilities — make the 1992 scam a useful case study for regulators, journalists, and anyone interested in market integrity.
: Accessible through certain Vodafone Idea subscription plans. : You can watch it for free with ads on or via a premium subscription starting at approximately ₹399.00 / month for 4K quality. Series Overview: Scam 1992 (Season 1) : Financial thriller, Biopic, Drama.