Scam 1992 is a web series on SONY LIV based on the Harshad Mehta Scam of 1992 from the book “The Scam “ written by Sucheta Dalal and Debashis Basu, the two journalists who first brought out the scam to the public eye.
The series starts with an employee disclosing a scandal of 500 crores in the State Bank of India in 1992. It then transcends to the 1980s when Harshad first entered into the world of Stock Market as a ‘jobber’. The series is successful in giving a good character background to Mehta, putting forward his passion in cricket, his equations with his family and how he always dreamt of creating history. He comes to Bombay with big ambitions and starts out as a small worker in the BSE, only to find out that the Stock Market is an ocean of a business and one needs to be a ’Bull’ to survive in this battlefield.
Yet he learns it all and within years, becomes a well known face amidst fellow stock brokers and stakeholders. Gradually, he opens his own trading account and uses various tactics like insider trading and squaring off markets to gain high profits. He creates his own stock ground where he is able to influence the rise and fall of market shares.
On the outside, because of these practices, the market was reaching new horizons and Harshad Mehta was called the ‘Big Bull’ who was instrumenting the Bull Run. But economists and the RBI found the boom in the market wrong as a market must grow only when its economy grows exponentially. This leads to the bureaucrats investigating the rigging taking place in the stock and money market, with journalist Sucheta Dalal, finding out that Mehta had been using PSU and bank security funds to short positions in the market.
What further enfolds is an interesting series of deals, proposals and investigations from either side and how the 1992 scam brought a big revolution in the Indian Banking system.
The background and premise of the SBI Scam and the loopholes in the banking and funding system have been elaborately explained. The only disadvantage is the extensive use of financial and stock market jargon which makes it difficult to understand without basic financial knowledge. Yet undoubtedly, this series has helped in educating us on financial system and has also pitched the need to bring out financial literacy in the curriculum for students.
“A man’s story is important than the man himself”, sums out the purpose and point of making this show. Rather than it being about ‘Harshad Mehta’, it is a story about how the hunger for money and the impetus to take blatant risks can prove to be detrimental in the financial career of a person, which may sometimes destroy our entire lives as well.
An amalgamation of Business theories, stock market practices with a subtle reflection of Indian mentality and an unbiased perspective is what makes the series a good and worthy Binge-watch. Not to forget, the amazing screenplay, writing and top-notch acting makes it a show you wouldn’t want to miss!