A property at Marine Lines linked to share market scamster Harshad Mehta was sold for Rs 80 lakh to a Surat-based woman.
According to DNA, the property measures 283 sq ft and is located at Dalamal Chambers in New Marine Lines. The auction was held by the Office of Custodian, the Special Court (Trial of Offences Relating to Transactions in Securities-TORTS) Act of 1992, under the Union Ministry of Finance. The auction notice was issued in September 2018 and the commercial property attached belonged to the late Sushilaben J Shah, partner of Romil Exports, who is a judgment debtor of Harshad Mehta and Orion Travels Pvt Ltd, both notified entity and party by the custodian.
The 283 sq ft commercial property was bought by a Surat-based woman named Urmial Adhikari. Rs 5.10 lakh was paid as stamp duty towards registration of the office space by the buyer and the deal was registered in May.
Harshad Mehta was charged with numerous financial crimes that took place in the Securities Scam of 1992. Of the 27 criminal charges against him, he was only convicted of four, before his death at age 47 in 2001. It was alleged that Mehta engaged in a massive stock manipulation scheme financed by worthless bank receipts, which his firm brokered in "ready forward" transactions between banks. Mehta was convicted by the Bombay High Court and Supreme Court of India for his part in a financial scandal valued at Rs 4999 crore. The scandal exposed the loopholes in the Indian banking and Bombay Stock Exchange (BSE) transaction system.
