Harshad Mehta Story

Topics: Stock market, Stock exchange, Bond Pages: 14 (5159 words) Published: January 29, 2013
Intodutory speech.
Good mornoing to one & all my name is vishal oberoi & my roll no is 54. we are here to give u a presentation on scams . more specifically the securities scam of 1991-92. I would first like to introduce to u our group members they are 1) kapil jagasia. Roll no 13 2) kevin diason roll no 19 3) ateesh naik roll no 28 4) mustaanseer vora roll no 48 5) giriraj c iyer roll no 49 & myself vishal uberoi roll no 54. I would now like to call upon _________________ to give us a brief introduction on scams. Introduction to scams

Various scams, scandals and stigmas that have surfaced in the recent years. These may not all be attributable to the antics and bungling of politicians, but they have been facilitated largely because of the vitiated atmosphere that the politicians and the political system have created in the country. Scams and scandals have manifested themselves in large numbers over the past few years. The latest, the Petrol Pump Scam concerning 3,158 allotments of petrol pumps, LPG agencies and kerosene oil depots that were allegedly handed out on payment ranging from Rs 30 -50 lakh to Rs 2,500 crore. The Prime Minister took the bold and welcome step of canceling these allotments. Most of the scams that have taken place keep featuring off and on in the media, but that doesn’t stop the next one from taking place since investigations and trials are excruciatingly prolonged. The Bofors scam, in which Rajiv Gandhi was also named, involved the purchase of important defence equipment from foreign markets causing embezzlement of Rs 65 crore. That was 15 years ago. Gandhi was assassinated, former Bofors agent Win Chaddha and former defence secretary S K Bhatnagar have died and we still haven’t managed to extradite the main accused, Ottavio Quattarocchi and Martin Abdo. Likewise, the Rs 1,200-crore fodder scam, relating to the procurement of non-existent fodder on payments from the state exchequer, has been in the news for years. Investigations revealed that the former chief minister Laloo Prasad Yadav was alleged to have drawn Rs 1,000 crore from different government treasuries through Animal Husbandry Officers. The CBI filed 50 regular cases in courts connected with this scam, but a final decision is still awaited. In Uttar Pradesh purchases, the purchase of ayurvedic medicines worth Rs 63 crore was found to be bogus. Then, there was the securities scam involving crores of rupees in broker Harshad Mehta secured huge amounts of loans from banks against fraudulent securities. Nothing is yet evident as to what is happening to this case. And, the telecom scam, involving the perpetrations of former Union Communications minister Sukh Ram from whose house wads of currency notes were recovered from suitcases and bags. The minister was eventually sentenced by the court to imprisonment but the sentence has been kept in abeyance on the plea that the Minister wishes to appeal against the sentence. Some of the recent scams have involved huge frauds and a large number of people. Take the scam in printing and selling stamp paper, which is used for recording documents for registration purposes. This scam is of about Rs 2,200 crore and involves fraudulent printing and sale of stamp papers in various parts of the country. Another scam is of the fraudulent withdrawal of money, estimated to be about Rs 20 crore, for giving scholarships to scheduled caste students under false names. The list is never ending & the additions have not yet been completed there are continuous additions to it. This was a brief introduction of the various scams in India now I would like to call upon _______________________ to give u a brief introduction of the securities scam more famously known as the harshad mehta scam.

Abstract :
The term "securities scam" refers to a diversion of funds to the tune of over Rs. 3500 crores from the banking system to various stockbrokers in a series of transactions (primarily in Government securities) during the...
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