Where is Harshad’s Mehta brother Ashwin Mehta : A Journey Beyond the 1992 Scam

When the name Harshad Mehta echoes through the annals of Indian financial history, it conjures images of the infamous 1992 securities scam, a stock market upheaval that redefined regulations and shook investor confidence. Yet, behind this larger-than-life figure stands Ashwin Mehta, Harshad’s lesser-known younger brother, whose life took a remarkable turn from the shadows of scandal to the corridors of justice. In this blog, we delve deep into Ashwin Mehta’s life—his name, designation, net worth, early beginnings, personal journey, and more—unveiling a story of resilience, reinvention, and redemption.

Key Details About Ashwin Mehta

• Name: Ashwin Shantilal Mehta

• Designation: Lawyer (Advocate)

• Organisation / Company: Practices independently at the Bombay High Court and Supreme Court of India

• Twitter Handle: Not publicly available (Ashwin maintains a low social media presence)

• YouTube Handle / Channel: No known YouTube channel

• Website / Education Blogs: No official website or education blogs attributed to him

• Net Worth as of 2024: Estimated at INR 25-30 crore (approximately $3-4 million USD)

Birth and Early Life

Ashwin Mehta was born between 1956 and 1958 in Paneli Moti, a small village in Gujarat’s Rajkot district, into a Gujarati Jain family. The son of Shantilal Mehta, a modest textile businessman, and Rasilaben Mehta, a homemaker, Ashwin grew up alongside his three siblings: Harshad, Sudhir, and Hitesh. His early years were spent in Borivali, Mumbai, where the family faced financial struggles—a hardship that likely fueled the ambition of both Ashwin and Harshad. After relocating to Raipur, Madhya Pradesh, Ashwin completed his schooling at Holy Cross Byron Bazar School, laying the groundwork for a life that would later pivot dramatically.

While Harshad’s meteoric rise in the stock market captured headlines, Ashwin initially followed a quieter path, supporting his elder brother in the family’s financial ventures. However, the tides of fate would soon thrust him into the spotlight.

How He Built His Career?

Unlike Harshad, who founded GrowMore Research and Asset Management and became a stock market titan, Ashwin did not build a traditional company. Instead, his career evolved through two distinct phases: first as a stockbroker and financial aide to Harshad, and later as a lawyer fighting to clear his family’s name.

In the late 1980s and early 1990s, Ashwin joined Harshad in the bustling world of the Bombay Stock Exchange (BSE). He served as a stockbroker within Harshad’s firm and acted as his legal representative, managing the intricate details of their operations. This partnership peaked during the 1992 securities scam, where Harshad manipulated stocks using fake bank receipts, a scheme Ashwin was implicated in as a close associate. After the scam unraveled, Harshad’s death in 2001 left Ashwin to face the legal fallout alone. In his mid-50s, he pursued a law degree from a Mumbai college, transforming himself from a financial operative into a formidable advocate. Today, he practices in the Bombay High Court and Supreme Court, a testament to his adaptability and determination.

Books / Articles Written

Ashwin Mehta is credited with authoring a Gujarati book titled Chhabi Bitar Ni, though details about its content and publication remain scarce. Unlike journalists like Sucheta Dalal, who chronicled the scam in The Scam: Who Won, Who Lost, Who Got Away, Ashwin’s literary contributions are minimal and largely overshadowed by his legal battles. There are no widely recognized articles or education blogs directly attributed to him, reflecting his preference for a low-profile existence outside the courtroom.

Major Investments

Ashwin’s involvement in investments is tied to his early years in the stock market alongside Harshad. The Mehta family famously held significant equity in companies like Apollo Tyres, a stake reportedly retained even after the scam’s fallout. However, post-1992, Ashwin distanced himself from stock market investments, focusing instead on legal pursuits. After Harshad’s death, much of the family’s wealth—once valued in hundreds of crores—was seized by authorities to settle debts, leaving Ashwin with limited visible investment activity. His current financial standing stems more from his legal practice than from market ventures.

Personal Life, Wife, and Family

Ashwin Mehta has kept his personal life tightly guarded, a stark contrast to the public scrutiny his family endured. He is married and has children, but their names and details remain undisclosed, reflecting his intent to shield them from the limelight that followed the 1992 scandal. After Harshad’s death, Ashwin, along with Harshad’s wife Jyoti Mehta and son Aatur Mehta, faced relentless legal battles. Jyoti’s victory in 2018 against stockbroker Kishore Janani—securing Rs. 524 crore with interest—highlighted the family’s ongoing fight for financial restitution. Living in Mumbai, possibly in the Madhulika Apartment as reported by some sources, Ashwin continues to support his family while maintaining a low profile. His siblings, Sudhir and Hitesh, have also faded from public view, leaving Ashwin as the most prominent surviving figure from the Mehta saga.

Philanthropy and Achievements

There is no public record of Ashwin Mehta engaging in significant philanthropic activities, likely due to the financial and legal burdens that dominated his life post-1992. His most notable achievement lies in his legal triumphs—fighting over 600 civil lawsuits and 76 criminal charges, and securing acquittals for himself and his family by 2018. His payment of approximately Rs. 1,700 crore to banks to clear Harshad’s name stands as a monumental effort to restore the family’s honor.

Ashwin’s transition from a stockbroker implicated in a Rs. 4,000 crore scam (equivalent to Rs. 25,000 crore today) to a respected lawyer is a remarkable feat. His acquittal in the State Bank of India fraud case in 2018 marked the end of a 26-year legal ordeal, cementing his legacy as a man who rose above adversity.

Also Read: Cobra Post – The Great Whistleblower of India: Unveiling Truth Through Investigative Journalism

Net Worth as of 2024

As of 2024, Ashwin Mehta’s net worth is estimated at INR 25-30 crore (approximately $3-4 million USD). This figure, sourced from various reports, reflects his earnings as a lawyer and any residual family assets recovered through legal victories. While a far cry from Harshad’s peak wealth, it underscores Ashwin’s ability to rebuild after the scam stripped the family of its fortune.

Where Is Ashwin Mehta Now?

Today, Ashwin Mehta remains active as a lawyer in Mumbai, practicing in the Bombay High Court and Supreme Court. Unlike Harshad, whose life inspired the SonyLIV series Scam 1992 (where Ashwin is portrayed by Hemant Kher), Ashwin shuns the spotlight. His Twitter or YouTube presence is virtually nonexistent, and he has no known personal website, aligning with his preference for privacy over publicity.

Conclusion

Ashwin Mehta’s journey—from the chaos of the 1992 securities scam to the dignity of a legal career—embodies resilience and reinvention. While Harshad Mehta remains the “Big Bull” of Indian finance, Ashwin’s story is one of quiet perseverance, proving that even in the shadow of infamy, one can carve a path to redemption. Whether you’re intrigued by the Mehta family saga or inspired by Ashwin’s comeback, his life offers lessons in grit, loyalty, and the power of second chances.

Want to dive deeper into India’s financial history? Check out Sucheta Dalal’s book or watch Scam 1992 on SonyLIV.