This document summarizes the Harshad Mehta stock market scam of 1992 in India. It describes how Mehta exploited loopholes in the banking system through fake transactions to raise money to artificially inflate stock prices and profit from selling shares. When the scam was exposed, it wiped out over $1 billion from the markets. Mehta was arrested and charged with multiple criminal offenses. The scam had widespread impacts, severely damaging banks involved and undermining investor confidence in the markets for years.