1992-Harshat Mehta Scam or Financial System Scam ?

1992-Harshat Mehta Scam or Financial System Scam?

A wonderful movie made by Hansal Mehta, This is a must-watch for everyone in the markets. After watching Harshat Mehta's story - 1992 scam, I am bound to write my review here as before watching this movie I was having a very different opinion on Harshat Mehta's story as my parents are one of those sufferers of that time crash who lost almost everything at that time. I always wished to curse for Harshat Mehta and always took his name with hatred.

After watching this movie my opinion changed completely as I find that Harshat Mehta was a nice person and his intentions were never to harm anybody, He wanted to be simple but wanted to be the biggest man which was not wrong but wrong was to follow unethical practices. Even he took everybody together on his journey and made a lot of money for them also as Sensex reached an all-time high at that time. He was very loyal to his family and maintained a good balance between his personal and professional life. In spite of that there were uncountable mistakes Harshat committed throughout his journey, and due to which his family is still facing difficulties and his bad deeds will affect his future generation as well for sure.

The thing is that he was not bad but few people didn't leave any opportunity to pinch Harshat's ego and provoke him to do more unethical works every time even I can say that he learned so many unethical practices from other successful people only.

The 2nd problem was that he was a very deep man and kept things hidden from his family and friends until its execution even with his own brother and he doesn't listen to anybody just because he believed himself as well on his ideas more than anybody else.

The 3rd problem was his impatient actions to fulfill his unaffordable dreams and competitive nature with everyone and everything.

He didn't commit any scams as per his knowledge but he was just rotating the system's money into the system only and in spite of buying money-market securities, he doubled and tripled the systems money in equity markets but repeating the same again and again without wondering that the results are converting these profits into the scam.

Nothing is wrong and right in this world until and unless somebody follows you from every angle just to prove you wrong, the same happened with Harshat Mehta, that he was not having any Godfather in this field and with his own mind and efforts he was becoming bigger and bigger day by day and that was not digestible for his enemies and that leads to unhealthy competition and give birth to unethical works. Every broker was doing the same but at smaller levels so it was not noticeable by anybody.

As per the movie, everybody is involved in this scam with Harshat including the banking system, all of them followed unethical practices for earning short-term profits and fulfilled their own personal financial objectives with the help of Harshat. While none of them was captured by law like this except  Harshat and that was not because he was guilty but because he knew all secrets of the system, government, and his competitors. All of them used Harshat as an ingredient to cook their dishes more deliciously and after that, the system only prepared a 360-degree net to trap him like the way he was never able to get out from it. 

Here, I can understand that Harshat used the money of all of us as his own personal funds for which he didn't have any right to do but what banking and financial system were doing at the very first level? why he was able to do such big things? why he was not stopped at the very first step? I don't know what actually true and what's not but I have learned many lessons from this story that will help me and you all, not even trading or investing but also throughout your life.

• The very first lesson is don't trust anybody in this market neither broker nor friends. Everyone is cooking their own tea, nobody is going to serve you anything free of cost. Following anybody blindly can be a trap for you.
• Don't use the borrowed money for trading as well as investing even always invest your spare money into the market which left after your estimated expenditure.
• Do not be overconfident in this market in any condition because you never know what is going on behind the doors.
• Do not force anybody to invest with you in this market especially if he/she won't understand the market well otherwise he would be on your head if the market goes against the expected trend.

The above reviews are based on my personal opinion and everybody can take it differently as per their views but it is my request you to please watch this as it will give you so many learnings and lessons for a lifetime. In my opinion, it should be named as Financial System Scam because the culprit here is the whole system, not only one person, as one individual cannot do such big things alone without any support of upper management people of any department.