Harshad Mehta's assets likely to fetch Rs800-1000 crore: Finance ministry

The apex court on May 6 had upheld a government notification to attach property belonging to Mehta in Mumbai as his family members failed to explain the source of their income.

The assets likely to be liquidated by the custodian and made available for distribution comprise of shares and immovable properties, apart from cash and fixed deposits.

In March, Satish Loomba, Custodian (Trial of Offences Relating to Transactions in Securities) had distributed about Rs2,200 crore to income tax authorities and the State Bank of India.

Harshad Mehta courted controversy in 1992 after the stock market was rocked by the multi-crore rupee scam exposing a strong nexus among the sharemarket, banks and financial institutions to dupe lakhs of investors across the country.

The Supreme Court had given the judgement after rejecting an appeal filed by Rasila S  Mehta, Rina S Mehta and Jyothi Mehta, mother sister-in-law and wife respectively of Harshad Mehta.

The Custodian had argued that the income of the female family members of Harshad Mehta had risen from near nil levels to tens and hundreds of crores in a short period without asset base.