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This flat belonging to Harshad Mehta is located on the second floor of Vandana Co-operative Housing Society and has a super built-up area of around 1,150 square feet. Attempts have been made twice before to auction it.
New Delhi. A luxury apartment linked to Harshad Mehta, the mastermind of the famous stock market scam of 1992, will be auctioned. This apartment is located in Janaki Kutir Complex, Juhu, Mumbai. The famous Prithvi Theater is located here. On October 10, the special court hearing crimes related to securities transactions had allowed the sale of this property on “as is, where is” basis. An attempt to auction this sea-facing flat has been made twice before, but no one bid. Mehta faced 27 criminal cases in the stock market scam. He was convicted in four of these cases. In 2001, he suffered a heart attack in jail and died.
This flat belonging to Harshad Mehta is located on the second floor of Vandana Co-operative Housing Society and has a super built-up area of around 1,150 square feet. This is the same area where the prices of luxurious houses situated on the sea shore touch the sky. According to real estate experts, the price of a flat without any legal hassles in this building located at Janaki Kutir ranges from ₹45,000 to ₹50,000 per square foot. Accordingly, the total cost of the apartment is being estimated in crores of rupees.
The apartment is in the name of Sushila Shah
The apartment was registered in the name of late Sushila Shah, who was a partner in a firm named Romil Exports. He was declared a “judgment debtor” of Orion Travels Company. Harshad Mehta and his brother Ashwin Mehta were partners in this company. According to a court order, a judgment debtor is a person or entity who has to pay an amount to another party after the settlement of a lawsuit.
The auction is being held for the third time
In the public notice issued on Monday, proposals have been invited from people interested in purchasing this apartment. This is not the first time this property is being auctioned. Even before this, attempts were made to auction it in 2021, 2023 and in February this year, but no buyer came forward. Now once again it is hoped that this time some investor may show interest in it.
Many properties of Harshad have been auctioned.
It is noteworthy that after the exposure of Harshad Mehta securities scam of 1992, the government has auctioned many of his properties. These also include eight apartments in a building named ‘Madhuli’ located at Worli Sea Face, whose total area was about 12,600 square feet. These apartments were bought by Mumbai stockbroker Ashok Samani in 2009 for ₹ 32.6 crore.
Harshad Mehta, once known as the “Big Bull of Dalal Street”, had perpetrated a massive scam of ₹700 crore. They collected huge amounts of money from banks through fake bank receipts and fake checks and then invested the same money in the stock market and artificially increased the share prices. This manipulation caused huge turmoil in the market and thousands of small investors lost their hard-earned money.
