9.2/10
? Critics / ? Audience
Released on 9 October 2020 on SonyLIV, Scam 1992 – The Harshad Mehta Story is a Hindi-language biographical financial thriller directed by Hansal Mehta, with Jai Mehta as co-director. The series is based on the book The Scam: Who Won, Who Lost, Who Got Away by journalists Sucheta Dalal and Debashish Basu, which documented the real 1992 Indian stock market scam.
The show stars Pratik Gandhi as Harshad Mehta, a stockbroker who rose from middle-class struggles to become the “Big Bull” of Dalal Street, and Shreya Dhanwanthary as investigative journalist Sucheta Dalal, whose reporting exposed the massive fraud. With its detailed writing, period-accurate production design, and intense performances, the series quickly became one of the most talked-about Indian web series of the decade.
Scam 1992 The Harshad Mehta Story – Official Series Trailer
What Is Scam 1992 About?
The series explores the rise and fall of Harshad Mehta, who exploited systemic loopholes in India’s banking system to manipulate stock prices in the early 1990s. By using fake bank receipts and misusing ready forward deals between banks, he managed to funnel enormous amounts of money into the stock market, artificially inflating share prices.
As his influence grew, so did his public image. He was celebrated as a financial genius who could move markets with a single trade. However, behind the glamour and wealth lay financial irregularities that eventually caught the attention of journalist Sucheta Dalal. Her investigation uncovered a ₹500 crore scam that shook the Indian financial system and triggered nationwide reforms.
The show carefully balances the human story with financial detail. It explains complex stock market mechanisms in an accessible way while keeping the emotional and psychological stakes high. It does not reduce Mehta to a caricature; instead, it presents him as ambitious, charismatic, flawed, and deeply driven by the need to succeed.
Is Scam 1992 Worth Watching?
Yes — especially if you enjoy character-driven dramas based on real events. The show combines financial thriller elements with emotional storytelling, making it engaging even for viewers unfamiliar with stock market terminology.
Pratik Gandhi delivers a layered performance, capturing Harshad’s confidence, vulnerability, and ego with equal intensity. Shreya Dhanwanthary provides a strong counterbalance as a determined journalist navigating pressure from powerful institutions. The supporting cast further strengthens the realism of the narrative.
The pacing is steady across its ten episodes, allowing the story to unfold gradually rather than relying on sensationalism. While the show occasionally leans heavily into dramatization, it remains grounded in documented history. For viewers interested in politics, finance, or real-life scandals, it is a compelling and immersive experience.
Cast & Performances
The series features an extensive ensemble cast, led by:
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Pratik Gandhi as Harshad Mehta
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Shreya Dhanwanthary as Sucheta Dalal
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Anjali Barot as Jyoti Mehta
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Hemant Kher as Ashwin Mehta
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Rajat Kapoor
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Satish Kaushik
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Anant Mahadevan
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K. K. Raina
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Lalit Parimoo
Pratik Gandhi underwent significant physical transformation, gaining weight to accurately portray Mehta during his peak years. His performance earned widespread acclaim and multiple awards. The chemistry between the lead characters adds tension, particularly as journalistic investigation begins closing in on Mehta’s empire.
Production & Attention to Detail
The script took nearly three years to develop and reportedly spanned over 500 pages. The series was filmed across approximately 200 locations in Mumbai, recreating the Bombay of the 1980s and 1990s with remarkable precision.
The production team rebuilt the trading floors of the Bombay Stock Exchange and recreated Harshad Mehta’s iconic Worli apartment. Cinematography by Pratham Mehta captures the chaos of Dalal Street and the claustrophobic intensity of financial negotiations. The editing and background score enhance the tension without overwhelming the narrative.
The theme music composed by Achint Thakkar became especially popular, with its bass-heavy riff and minimalistic chant turning into a cultural meme and viral trend across social media platforms.
Critical Reception & Awards
Scam 1992 received overwhelmingly positive reviews from critics and audiences alike. It was praised for its writing, performances, and technical execution. Many described it as a landmark moment for Indian OTT content, proving that long-form storytelling could successfully tackle complex real-life subjects.
At the 2021 Filmfare OTT Awards, the series won 11 awards, including:
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Best Drama Series
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Best Director
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Best Actor (Pratik Gandhi)
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Best Adapted Screenplay
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Best Background Music
It also became one of the most-watched series on SonyLIV, significantly boosting the platform’s popularity.
What Happened After Scam 1992?
Following its success, SonyLIV and Applause Entertainment announced a follow-up installment titled Scam 2003, based on the 2003 stamp paper scam. This marked the beginning of a potential anthology-style franchise focusing on major financial scandals in India.
The legacy of Scam 1992 goes beyond entertainment. It revived public interest in the 1992 securities scam and sparked renewed conversations about financial regulation, accountability, and the psychology of market manipulation.
FAQ
Is Scam 1992 based on a true story?
Yes. The series is based on the real 1992 Indian stock market scam and the book by journalists Sucheta Dalal and Debashish Basu.
How many episodes are there?
The series consists of 10 episodes.
Where can I watch Scam 1992?
It is available for streaming on SonyLIV.
Was Harshad Mehta a hero or a villain?
The show presents him as a morally complex figure, leaving viewers to decide how they interpret his actions.
Conclusion
Scam 1992 – The Harshad Mehta Story stands as one of the most influential Indian web series of the OTT era. It transforms a complicated financial scandal into gripping drama without oversimplifying the real events behind it.
With powerful performances, meticulous production, and a story that still resonates decades later, the series remains a benchmark for Indian biographical thrillers. It is a reminder that sometimes the most dramatic stories are not fictional — they are hidden in the pages of real financial history.
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