Key Points:
Journalist H. K. Dua, who passed away at 88, led major newspapers including The Times of India, The Indian Express, Hindustan Times, and The Tribune.
During the aftermath of the 1992 Indian stock market scam, Dua opposed publishing a column by Harshad Mehta in The Times of India.
The scam was first exposed by journalist Sucheta Dalal, and the episode later gained renewed attention through the hit series Scam 1992: The Harshad Mehta Story.
Veteran journalist and editor H. K. Dua passed away on 4 March 2026 at the age of 88. Dua was a well-recognised name in the fields of journalism and politics. With a strong portfolio spanning decades, Dua, a recipient of the Padma Bhushan, achieved several key milestones during his career. H. K. Dua served as the head of four different newspaper outlets during his career—Hindustan Times, The Indian Express, The Times of India, and The Tribune.
Apart from his career as a journalist, diplomat, and nominated member of the Rajya Sabha, H. K. Dua has several lesser-known stories associated with his name. One such instance is his role in the aftermath of the 1992 Indian stock market scam, also known as the notorious Harshad Mehta scam, which shook the Indian stock market in the 1990s.
When HK Dua Crossed Paths with Harshad Mehta
Financial journalist Sucheta Dalal of The Times of India exposed the 1992 Indian stock market scam in an article published in the newspaper. She claimed that Harshad Mehta was using illegal methods to purchase large amounts of shares in the stock market. After his crimes were exposed, he was reportedly charged with more than 25 criminal offences.
Sucheta Dalal and Debashis Basu later authored the book The Scam: Who Won, Who Lost, Who Got Away, which was published in 1993.
The book details how journalist H. K. Dua had a brief altercation with Harshad Mehta. Following the massive public uproar over one of India’s biggest financial frauds, Mehta was planning to make a comeback in the stock market on March 3, 1997.
According to Sucheta Dalal’s book, he was planning to introduce a website that would provide tips and guidance on analysing companies. However, considering his questionable past, Harshad Mehta no longer enjoyed public trust. As a result, Mehta decided to attempt his comeback through the media.
He chose The Times of India—the same newspaper that exposed his scam in 1992—as his launchpad. Several senior officials at the newspaper supported the decision. However, H. K. Dua, who was the editorial advisor of The Times of India at the time, strongly opposed the idea of publishing a column written by Harshad Mehta.
After the doors of The Times of India closed for Harshad Mehta, his column appeared in another Times Group newspaper, Navbharat Times. Publishing his column was justified for two major reasons. First, he was a widely recognised figure who could increase newspaper sales. Second, he was only accused in the scam and had not yet been proven guilty of the charges against him.
Harshad Mehta died of a heart attack in 2001, and before his death, he had been convicted in only four cases against him. His reported net worth was allegedly over ₹5,000 crore at the time of the scam.
What was the Harshad Mehta Scam?
In 1992, the stock market scam by Harshad Mehta became one of India’s biggest financial frauds, earning him several nicknames such as “The Big Bull” and “the Amitabh Bachchan of the stock market.”
Mehta started his company, Grow More Research and Asset Management, with financial assistance from his associates working at the Bombay Stock Exchange (BSE). By 1986, he had begun actively trading in the stock market. During the early 1990s, India was facing a severe economic crisis, during which the Liberalisation, Privatisation and Globalisation (LPG) policy was introduced to help the country recover from its fragile economic condition.
At the same time, India witnessed one of the biggest financial frauds in the country’s history. Harshad Mehta took advantage of the weak financial system and, by exploiting several loopholes, manipulated the stock market to his advantage.
He bought shares of Associated Cement Company (ACC) in large quantities, which led to a significant increase in the stock price from ₹200 to nearly ₹9,000. He exploited banks by using Bank Receipts (BRs), which enabled him to obtain money from other banks and invest it in the stock market. This resulted in artificial inflation of stock prices.
The 1992 Indian stock market scam became a headline again decades after it happened. In 2020, Pratik Gandhi-starrer Scam 1992: The Harshad Mehta Story became one of India’s most popular web shows after it aired on SonyLIV and gained widespread popularity.
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