Scam 1992
Scam 1992: The Harshad Mehta Story is a Hindi-language biographical financial thriller miniseries that premiered on Sony LIV on 9 October 2020, chronicling the ascent and downfall of stockbroker Harshad Mehta amid India's 1992 securities fraud.[1][2] Created and primarily directed by Hansal Mehta, the ten-episode series stars Pratik Gandhi as Mehta, who exploited loopholes in banking practices—such as forged bank receipts and unregulated ready-forward deals—to divert billions from public-sector banks into the stock market, artificially inflating the Bombay Stock Exchange index before its collapse.[2][3] The narrative draws from investigative journalism on the real scandal, which exposed systemic regulatory failures and resulted in market losses exceeding ₹4,000 crore, prompting reforms in India's financial oversight.[4][5] Praised for its meticulous portrayal of market mechanics and Gandhi's transformative performance, the series achieved widespread acclaim, attaining a 9.2/10 rating on IMDb from over 167,000 users and securing the Best Web Series honor at the 2021 Dadasaheb Phalke Awards.[2][6] It garnered multiple nominations at the Filmfare OTT Awards, including for Best Drama Series and Best Actor, underscoring its influence in elevating Indian web content's production values and narrative depth.[7] While lauded for highlighting causal vulnerabilities in financial systems—like lax inter-bank transaction verification—the dramatization faced minor scrutiny over selective emphasis on individual agency versus institutional complicity in the fraud's execution.[8][9]Synopsis
Premise and plot summary
Scam 1992: The Harshad Mehta Story chronicles the biographical arc of Harshad Mehta, a Bombay stockbroker whose relentless ambition propelled him from a junior clerk at a brokerage firm in the late 1970s to a dominant force on Dalal Street by the early 1990s.[2] Set against the backdrop of India's economic liberalization under Prime Minister P.V. Narasimha Rao, the narrative depicts Mehta's exploitation of regulatory gaps in the banking system, leveraging ready forward deals—short-term inter-bank loans secured by securities—and fabricated bank receipts to siphon funds into the stock market, artificially inflating share prices of companies like Associated Cement Company (ACC).[8] [4] The series portrays Mehta's interactions with bankers, fellow brokers, and regulatory bodies such as the Reserve Bank of India, highlighting his charisma in building alliances while engaging in high-stakes manipulations that fueled a market boom reaching a Sensex peak of 4,467 points on April 23, 1992.[10] This unchecked ascent culminates in exposure of the ₹4,000 crore scam, triggering a market collapse and scrutiny from authorities, underscoring themes of greed and systemic vulnerabilities without resolving Mehta's ultimate fate in detail.[9][11]Episode structure
Scam 1992: The Harshad Mehta Story comprises a single season of 10 episodes, all released simultaneously on SonyLIV on October 9, 2020.[12] [13] Each installment has a runtime of approximately 45 to 60 minutes, with specific durations ranging from 49 minutes for the premiere episode to 55 minutes for later ones.[14] [15] The series employs a chronological narrative framework, progressing through distinct phases of the central figure's trajectory: initial entry into the securities market, accumulation of influence amid Bombay's 1980s and 1990s financial landscape, intensification of market manipulations, and the regulatory scrutiny that follows.[16] [17] This episodic division facilitates a buildup in tension, commencing with foundational personal and vocational developments before expanding into institutional and economic entanglements.[18] The structure avoids non-linear flashbacks, maintaining linear temporal advancement to mirror the real-world timeline of events from the late 1980s onward.[16]Cast and characters
Principal cast
Pratik Gandhi stars as Harshad Mehta, the ambitious stockbroker whose manipulative tactics orchestrated the 1992 Bombay stock market scam, amassing billions before his dramatic collapse on April 30, 1992. Gandhi's performance, drawing from extensive research into Mehta's mannerisms and Gujarati roots, has been lauded for embodying the character's infectious charisma, unyielding confidence, and underlying ruthlessness, contributing significantly to the series' critical acclaim and 9.3/10 IMDb rating from over 167,000 users.[2][19][20] Shreya Dhanwanthary portrays Sucheta Dalal, the financial journalist whose November 1992 exposés in The Times of India unraveled Mehta's fraudulent ready-forward deals and bank receipt manipulations, leading to his arrest on November 9, 1992. Dhanwanthary's depiction emphasizes Dalal's tenacity and ethical resolve, informed by direct consultations with the real Dalal, which reviewers noted added authenticity to the investigative confrontations central to the narrative.[2][21] Satish Kaushik plays Manu Mundra, the bear cartel leader known as the "Black Cobra" who clashed with Mehta's bull operations, representing the oppositional forces in the market's volatile power struggles. Kaushik's vigorous interpretation of Mundra's profane, street-smart persona was praised for its intensity, with peers like Shabana Azmi highlighting its standout quality amid the ensemble.[2][22]| Actor | Role | Notes on Portrayal |
|---|---|---|
| Hemant Kher | Jayantilal Mehta | Harshad's supportive father, grounding the family dynamics in Mehta's rise.[23] |
| Anjali Barot | Rasila Mehta | Harshad's mother, depicted with emotional depth in familial influences.[23] |