Hey Guys we the team of HELPING SURFERS INC. has come up with SCAM 1992 Most of the people have a confusion about is it real, how do its exist, when and how?? etc questions. In this part we are going to share information about. So let's begin.
Journalism Meets Activism
I must confess that, at some point in time, if one is passionate about what one does in journalism, the boundaries between reporting and activism do get blurred. I do recall sacrificing a couple of exclusives and sharing some information with some of the members of the JPC who would raise those issues in the meeting – and greater good will be served.
But that was so naive of me. One such story was about a list that I had got from a source. It contained around 90 names of a foreign bank staff who were relatives of powerful politicians and bureaucrats. The idea was to prove a nexus.
Another story was about the lapses by the Reserve Bank of India (RBI). I shared information with a senior Opposition member whom I admired immensely. When he raised these issues, I saw former RBI Governor S Venkitaramanan rushing to this member’s house to explain things.
Dashing all hopes of true and speedy justice, the final report made all the right noises, but finally concluded that it was a “systemic failure” which must be fixed.
Last we gathered from news was that Harshad Mehta’s wife Jyoti and his brother Ashwin were still trying to get the remaining money back from the custodian.
The More Things Change, More They Remain the Same
I used to meet Ram Jethmalani and his son Mahesh frequently. I never met Harshad Mehta, but I did meet Ashwin in Delhi after the famous press conference in Mumbai, where the prime minister’s name came up. A gentle guy. In my meeting, he made a strong case about how Harshad Mehta was being victimised. But I could sense that Ashwin had realised they were on a slippery slope.
While watching this series, I was left with a feeling that the more things change, the more they remain the same. The year of 1992 was an analogue world where financial systems existed in silos. The communication gap allowed frauds to take place. A stockbroker could grease the palms of some mid-level PSU bank staff who would give money to a Harshad Mehta based on fake bank receipts.
By 2000, even though post-reform India had progressed, there was a Ketan Parekh who would fleece a cooperative bank called Madhavpura Mercantile Bank to play in the stock market.
By 2000, even though post-reform India had progressed, there was a Ketan Parekh who would fleece a cooperative bank called Madhavpura Mercantile Bank to play in the stock market.
Cut to 2018-19, India's banking and financial markets are digital – fully connected and networked – but then a diamond dealer Nirav Modi and his uncle Mehul Choksi get hold of two junior functionaries at a Punjab National Bank branch in Mumbai. Like bank receipts, they use a piece of paper called the ‘Letter of Undertaking’ without any collateral and manage to access funds.
No checks are done, only a few computer registries in isolation, which are not trackable by the bank or interbank networks but are told to be secure with real-time surveillance. The story doesn’t end here – you have a DHFL (Dewan Housing Finance Corporation), which makes a cooperative bank, like the Punjab and Maharashtra Cooperative Bank, its own piggy bank, and then the bank goes bust because it fell into the regulatory grey area.
Where are the various investigations, punishments, and closures? You are welcome to google them.
Where are the various investigations, punishments, and closures? You are welcome to google them.
Back to the Web Series
The problem with contemporary history is that you end up comparing the reel life with real life. Harshad Mehta was much different from what a bright Pratik Gandhi looks like. Yes, Gandhi’s character stands out for his good acting, and so does actor Shreya Dhanwanthary who plays Sucheta Dalal (though I wish she wore Sucheta’s trademark pearl necklace), as other characters of the real-life story are relegated to margins.
The series shows Harshad Mehta as both the culprit and the victim. He must surely be a likeable guy, but his wrongdoings were far too big to warrant any sympathy. Just because the old-established clans of the bear cartel escaped the trials, tribulations, and the punishment, and that bull Harshad Mehta “suffered”, is not reason enough to be sympathetic towards him.
The series shows Harshad Mehta as both the culprit and the victim. He must surely be a likeable guy, but his wrongdoings were far too big to warrant any sympathy. Just because the old-established clans of the bear cartel escaped the trials, tribulations, and the punishment, and that bull Harshad Mehta “suffered”, is not reason enough to be sympathetic towards him.
His misdeeds are a matter of a historical fact. I am a witness.
A Helping Surfers Original,
Article by, AYUSH PATIL
This is end of HARSHAD MEHTA SCAM Series...
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