This episode is set in 1991, Bombay. Sucheta enters a hotel to meet one of her sources  and get inputs for a story on market irregularities. But, the man keeps on talking about Harshad Mehta and how he has become the face of the stock market. According to him, Harshad is getting unlimited funds from the banks. Sucheta finds it fishy and therefore wants to expose him. But she does not have solid proof against Harshad.

Harshad goes to New Delhi to meet the owner of a company named Polo. There he assures them that he can take their share price as high as ACC and Mazda, the two companies that gained huge profits because of Harshad. The owner of Polo agrees to the offer. From this conversation we can assess the exceptional influence Harshad has on people.

Manu Mundra’s men meet Tyagi and Ajay Kedia to come up with a foolproof plan to take down Harshad, who was not even near their status in society at some point of time. Here, we can see jealousy on their faces and an urge to take revenge against him. Therefore, they target Harshad’s partner, Grindlays to sell their shares so that stock prices fall and Harshad takes the loss.

Meanwhile, Sucheta explains Harshad’s style of working to Debashis. Major institutions like UTI and LIC buy shares and Harshad benefits from it. But, this is just Sucheta's speculation without any evidence. Still, she meets the SEBI governor and tells him about the scam that might be happening in the stock market. But the SEBI governor is helpless in this situation as no action against Harshad can be carried out without proof. Sucheta suggests that he uses the power held by SEBI to gather information about this speculation.

The sudden decrease in Polo’s share price leaves Harshad and Ashwin worried, being the biggest buyers of Polo’s shares. A courier arrives in his office. Harshad checks the papers inside and notices that someone has sold them their own shares. He quickly realizes that it is the work of his rivals, the ‘bear gang’. He lets them play for a while, and decides to take advantage of their own game.

Harshad meets a SBI employee, Mr. Sitaraman to make a deal. We see Sitaraman give Harshad cheques of Rs. 499 crores. When Sitaraman asks him to give an SGL, Subsidiary General Ledger, Harshad evades the request and gives him  a BR, that is a Bank Receipt, which according to RBI’s new guideline is not allowed. But, Sitaraman is naïve and greedy for personal monetary gain from Harshad. He falls into the trap and accepts the deal.

Ashwin gets mad at Harshad for buying excess shares from Polo. He is suspicious of the funds Harshad is receiving. When interrogated, Harshad tells him that SBI has provided him the fund, that too without SGL. Ashwin gets anxious and is afraid that they might fall into trouble.

On one such day, Bhushan informs Harshad about the rumours flying around. People like Manu Mundra and the bear gang are defaming Harshad. Because of this, people are taking their funds back from Growmore Company.

To tackle this issue, Harshad goes to an advertising agency and asks them to print an ad on the front page of newspapers that says ‘Harshad Mehta is a Liar’. Since, many institutions are against his way of working, they try their best to bring him down. Harshad does it to get the attention of his supporters.

Next day, all the newspapers and multiple hoardings have that advertisement displayed with his picture. The advertisement does wonders. People do not care about what it said because Harshad has always kept his clients in profit. People do not lose faith in him and instead gain more trust in him. Ashwin’s wife dislikes the way Harshad portrays himself in the news. But, Ashwin asks her to read the whole news. It is only the heading that says ‘Harshad Mehta is a Liar’, but the entire content is written in favour of Harshad. Harshad is known as the Amitabh Bachchan of the share market. He becomes the highest taxpayer of India.

Concurrently, Sucheta takes Debashis to a dilapidated building. She tells him that Harshad creates a brand in people’s minds and plays with their trust. But Debashis does not understand why she has taken him to a ruined building to say this. This is the time when she shows him the name plate of Mazda Industries hanging on the closed door of a battered office. She tells him that Harshad has been making profit in the name of a company that has been shut down years ago. She writes an article exposing Harshad.

After the article made rounds, Harshad calls her to a grand hotel to meet. Here, he asks her to stand in his support and promises to benefit her financially. But, Sucheta is disappointed in him and calls out his unacceptable way of working. She refuses to be a part of his fraudulent game and leaves after a disagreement.

One day, Harshad gets a call from one of his sources that a raid will be conducted in his office and home the next day. Harshad manages to hide all his illegitimate finances. Next day when people from the IT department come to his house and office, they do not find any illegal money. Yet they seal the accounts section of his company.

Here, we see his quick wit and cleverness which has kept him away from all suspicions for so long. There is no doubt in saying that Harshad Mehta is a shrewd man.

Ajay Kedia gets a call from his source that nothing has been found during the raid in Harshad’s house. He becomes disheartened as he was sure that Harshad will be exposed this time.

Despite Harshad walking the fine line between being business savvy and outright fraud, he has a strong pull and viewers get attracted to his sharp intellect. It is almost like we can't help liking an underdog - he has clearly become bigger than his enemies, but he is still different from the hardened and entitled lot.

Episode Rating 4/5