Georg Hegel, a German philosopher once said: “We learn from history what we do not learn from history.” This quote is very apt, especially in the light of the Rs 13,000-crore Nirav Modi-Punjab National Bank scam. Why? Because back when India had just opened up its markets to the world in 1991, a stock broker named Harshad Mehta had pulled off an even more audacious scam by exploiting the loopholes in the Indian banking system.

Adjusted for inflation today, Harshad Mehta fraudulently laundered over Rs 24,000 crore in the stock market over a three-year period.

What happened to those accused in the scam, including Harshad Mehta himself? Was the money ever recovered? Will the fraud cases that are still being contested in court today ever come to a meaningful conclusion?

