In the previous episode we saw that the article by Sucheta was making rounds and people have lost trust in Harshad. Due to this, sensex drops a great deal CBI appoints Mahadevan as in charge of this case.

A flashback from 12 April 1992 shows a conversation between the two 'big bulls' of the market, Harshad and Pherwani. Harshad asks Pherwani to issue a cheque of Rs. 500 crores in the name of Grindlays. Pherwani is ready to do so in the hope that Harshad will manage to get him a seat in the Parliament. Harshad guarantees to get him a seat and so they make a deal of Rs. 500 crore.

Coming to the present, Madhavan enters his senior's office. The CBI officer asks Madhavan to deal with the case in his own way and assures that the RBI Governor is there to guide him.

Sucheta and Debashis go to a slum area to meet someone called  Subramaniam. He had called Sucheta earlier and said he wanted to give her some information regarding Harshad. Subramaniam meets them there and takes them to a small dilapidated  house. There, the RBI Governor is waiting for  Sucheta and Debashis. He introduces Subramaniam as his staff. He meets them in Subramaniam's house to avoid being discovered. He requests Sucheta to create external pressure on Harshad and NHB in order to take action against corrupt officers like Pherwani.

Meanwhile, Pherwani calls Harshad and tells him about the Janakiraman Committee formed by the RBI for this case. Pherwani is asked to appear before the committee.

NHB's loan of Rs. 500 crores to Harshad Mehta is exposed in the newspaper. Sensex crashes again because of the ongoing scam in the market. There is a talk that Pherwani will resign.

Harshad meets Pherwani and asks him not to quit so easily. Harshad promises he will soon return all the money to NHB and Pherwani’s name will be out of the mess. But, Pherwani has lost trust in him and says that he is sure of his decision to resign.

Madhavan enters Pherwani’s house with a search warrant. His people search the house, but nothing is found. So, Madhavan takes him to the CBI office.

Meanwhile, Tyagi and Kedia meet Harshad at the golf course. Harshad wants them to buy his shares. After giving it a thought, Tyagi offers him 35 per cent for his holdings. But, Harshad refuses this offer because of his ego.

Madhavan and Pherwani are in the CBI office. Madhavan asks him where the securities are, which Grindlays might have provided while taking Rs. 500 crores. To this, Pherwani answers he has not given them securities, but instead he has provided them a BR. Madhavan sends him back home but has asked him to come back once again to answer the same questions. Pherwani is badly shaken by the interrogation.

Harshad comes to know that the CBI has frozen his bank accounts. Harshad meets Pherwani, who has given up all hope. He wants to get out of the trouble as soon as possible. Pherwani is afraid of further inquiry that he might be called for.

21 May, 1992-Pherwani is found dead in his room. No one knows how he died and this gives room to rumours like heart attack and suicide. Sucheta feels guilty that all this happened because of her article.

4 June 1992-Madhavan visits Harshad’s house for a raid. The search goes on for 11 hours but nothing is found. Madhavan, who does not want to spare Harshad at any cost, takes him and Ashwin to the CBI office. He takes Harshad into custody.

Sucheta and Debashis come to Harshad’s house. They meet his family and Bhushan, who is also present there. Jyoti yells at Sucheta for writing the article. Jyoti's anger is justified. But, she should not ignore the wrongdoings of her husband.

The jobbers have also lost faith in Harshad.

Madhavan interrogates him about his systematic stealing from SBI. Harshad continuously tries to prove himself innocent. Later, Harshad is taken to Byculla Jail in Bombay. Madhavan asks Harshad to cooperate with them as there are already 31 cases against him. Madhavan threatens him that he will not spare Harshad. He tells Harshad that the Enforcement Directorate also has a case against him regarding a foreign currency violation.

Tyagi and Kedia celebrate Harshad’s downfall. But, Kedia is a little tense. He is frightened that RBI might come after other brokers, including him.

In the jail, Harshad calls Santswami, his acquaintance from Delhi and asks for help. He requests him to convey his message to the Prime Minister.

Rajat Kapoor’s entry as Madhavan in this episode was very heroic and really impressed me. This episode has a lot of exciting moments and twists. It gives me goosebumps to think this actually happened in real life! Let us see how the rest of the episodes unfold.

Episode Rating 4/5