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The Harshad Mehta Scam occurred during India’s 1990s liberalization phase, when the financial system was still weak and poorly regulated. Harshad Mehta exploited loopholes in the banking system by misusing Ready Forward deals and issuing fake Bank Receipts to access thousands of crores without actu…

The Harshad Mehta Scam occurred during India’s 1990s liberalization phase, when the financial system was still weak and poorly regulated. Harshad Mehta exploited loopholes in the banking system by misusing Ready Forward deals and issuing fake Bank Receipts to access thousands of crores without actual securities. He then pumped this money into the stock market, artificially inflating share prices and creating a false sense of demand, which attracted retail investors driven by fear of missing out.