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However, the house of cards was destined to collapse. The sheer scale of the scam meant that it was inherently unstable, reliant on the continuous influx of new capital and the silence of key players. The first major cracks appeared in 1991 when the government, alarmed by the sudden and inexplicable surge in certain stock prices, began to tighten regulations and scrutinize the ready forward market. The formal investigation, led by the CBI and the Bombay Police, was meticulous and relentless. The discovery that Mehta had used bank receipts (BRs) as collateral for massive loans, a practice that was at best unethical and at worst fraudulent, provided the smoking gun. When the truth was exposed in April 1992, the reaction was immediate and brutal. Stock prices plummeted, investors who had blindly followed the "Big Bull" were left financially ruined, and the Indian banking system, already fragile, was thrust into a severe crisis. The ripple effects were felt for years, eroding public trust in the financial markets and the government's ability to regulate it.
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