'BIG Bull' Harshad Mehta, the main accused in the multi-crore bank securities' scam that shook the nation in 1992, died last night at the age of 47 at the Thane Civil Hospital.
The official time of death was given as 12.05 am by a resident doctor and Senior Police Inspector Balchandra Kale of the Thane Town Police Station. Mehta was brought to the hospital from the Thane Central Jail at 11.05 pm. At the jail, which is five minutes from the hospital, Mehta had complained of chest pains.
Clad in hospital whites, Harshad's body was kept on the ground floor of the hospital while an inquest was completed in the presence of Thane City Tehsildar Devendra Andhle.
At around 4.45 am the body was being prepared to be taken to the J J Hospital in Mumbai for the postmortem. Harshad's brother Ashwin is currently in J J Hospital following bypass surgery. Harshad's only child, 22-year-old Atur, is out of station and has been informed of his father's death.
No senior police officials were present at the Thane hospital after news of Harshad's death spread. Only Thane town police officials were seen on the spot.
But Harshad's wife Jyoti and one of his brothers, Dr Hitesh Mehta, were present. On seeing the media at the scene, Jyoti said, "Marne ke baad to aadmi ko chhodo." When he died, Harshad was facing trial in at least 23 cases relating to the scam that was busted in 1992. He was already convicted in one case.
Harshad Mehta's body at the Thane Civil
Hospital just before it was taken to
JJ Hospital for the postmortem
The family had arranged for Jain guru Rakeshbhai to be present at the hospital. Dr R A Chavan, who attended to Mehta, said that he was in good condition when brought to the hospital. He was chatting with doctors and informed them that he didn't have a history of heart, diabetes or blood pressure ailments. However, Mehta also reportedly told the doctors that his father had died under similar circumstance, while appearing to be in good health. He had therefore left it up to them on whether he should be admitted. Chavan said an electro-cardiogram (ECG) was done on Mehta. The patient's blood pressure had been 140/110 and his pulse 48 beats per minute.
Mehta informed the doctor that he had been exercising for one hour every day in jail. When Chavan asked Mehta if he had been facing any tension, Mehta reportedly said, "Tension kuch nahin hai. Abhi to aadat ho gayi hai, andhar jaane ki aur bahar aane ki."
While Chavan was looking over the ECG report, which indicated cardiac arrest, Mehta collapsed on the spot. Attempts to resuscitate him proved futile.
Last month, Mehta and his brothers Ashwin and Sudhir were arrested for perpetrating a scam within a scam. Following the scam of 1992, Harshad's assets and properties had been taken over by the court and a custodian was put in their charge. However, between 1992 and 1999, Harshad and his brothers allegedly managed to transfer 27 lakh shares of 90 companies worth several hundred crores. Central Bureau of Investigation sleuths said the shares were transferred in the names of relatives or friends, or even non-existent beneficiaries, by faking transfer forms. The Mehtas then sold the shares.
With respect to these new charges, Mehta and Sudhir had been kept at the Thane jail. Ashwin was kept at J J because of his heart condition.
Meanwhile, Harshad Mehta's body was taken to government-owned J J Hospital for post-mortem by forensic experts at 5.30 am. Inquest panchnama was performed by Thane tehsildar Devendra Andhere before his body was taken for post-mortem. Police have registred a case of natural death.
According to hospital sources, he complained of chest pain last night in the central prison here where he was lodged since eight days.
The jail doctor S G Kharat gave him first-aid before being taken to civil hospital, they said.
In the hospital, Harshad collapsed when the doctor was examining him. The doctors tried to save him by providing artificial resurrection but declared him dead shortly after midnight. Chief medical officer Dr Sudhir Bakshi and physician Dr R A Chavan attended on him.
Soon after his death, his family rushed to the hospital. The police also maintained tight bandobast by deploying aditional personnel. According to family sources, he never had a heart problem earlier.
According to doctors and jail sources, Harshad did his normal exercises for over an hour every day but yesterday it was extended by 30 minutes more. According to hospital sources, his blood pressure at the jail after he complained of chest pain was 140, 110 and after administering him medicines at the hospital it was 140, 90. There were minor variances in ECG reports at the hospital and the jail.
April 28, 1992
Harshad Mehta securities scam breaks
Harshad Mehta is accused of conspiring to divert Rs 390 million worth of funds from Maruti Udyog Ltd (MUL) to his own account. Sensex plummets 570.4 points, an all-time record.
October 1, 1997
CBI frames charges against Harshad in Rs 40-cr fraud
THE special court investigating into the Rs 5,000-crore securities scandal of 1992 has approved the 34 charges levelled by the CBI against Mehta, two employees of MUL and two of ANZ Grindlays and UCO Bank. The amount involved is Rs 40 crore.
September 28, 1999
Five years RI for Harshad
THE Bombay High Court awarded five years rigorous imprisonment to securities scam accused Mehta and three others in the sensational Rs 380.97 million MUL fraud case. Mehta will challenge the verdict in the Supreme Court. On the other hand the CBI will also challenge the judgment in the apex court. The Bureau called it too less a punishment.
December 12, 1999
Harshad to go on trial on Jan 18
THE trial in five separate cases filed by CBI in the special court against Mehta and others for allegedly defrauding commercial banks and public sector undertakings to the tune of hundreds of crores of rupees will commence from January 18 next.
February 6, 2000
Harshad tops list of bank defaulters
Security scam accused Mehta tops the list of bank defaulters with a due of Rs 812.08 crore to the SBI, according to a comprehensive list released here on Saturday.
April 16, 2001
Harshad acquitted in call money case
A SPECIAL court on Monday acquitted Mehta and three others in a case of alleged misappropriation amounting to Rs 5,88,000 from the funds of Bank of America in its inter-bank call money transactions, ostensibly with SBI Mutual Fund. The trial, involving Mehta and four others, concluded on February 27 with the prosecution examining as many as 12 witnesses to prove their case.
April 19, 2001
Harshad banned for life
SEBI on Thursday banned Mehta for life from operating the financial markets. SEBI said it was permanently barring Mehta because he allegedly joined a coterie of bankers, brokers and businesses in rigging market prices in the early 1990s. The market regulator also barred BPL Ltd, Videocon International Ltd and Sterlite Industries Ltd from accessing the capital market for four, three and two years respectively, saying they colluded with Mehta. SEBI said it would also press charges against Mehta.
November 9, 2001
Harshad arrested
Harshad Mehta and his two brothers were today arrested by the Economic Offence wing of the CBI, following some fresh findings in the case. According to sources, CBI sleuths arrested Mehta this morning after they recovered some fresh evidence related to the 1992 securities scam case.
November 23, 2001
Harshad behind bars till Dec 7
Special judge S H Kapadia on Friday remanded Mehta, his brothers Ashwin and Sudhir to police custody till December 7. They were arrested by the bank securities and fraud cell of the CBI on November 9 for allegedly introducing 27 lakh shares in the capital market, which were deposited with the custodian, appointed following the 1992 securities scam.
December 21, 2001
Harshad bail plea rejected
ON December 21, a special court rejected the bail plea of Mehta and his brothers Sudhir and Ashwin and remanded them to judicial custody till January 4 in a case of misappropriation of funds worth about Rs 250 crore from 27 lakh missing shares of 90 blue-chip companies. Mehta and Sudhir were produced before Justice S H Kapadia who remanded them to judicial custody for two weeks.
