This is Harshad Meta, a stockbroker that gained national infamy after it was revealed he created a debt bubble in the Indian economy that would be worth over $23 billion USD today.
In the early 90s, Indian banks weren't allowed to invest in the market, so Harshad, seeing an opportunity for astronomical izzat gainz, offered to invest in the market for them under his name. Banks gave him a fuckton of money to do so, which allowed him to pump-and-dump just about any stock he wished. He'd give the banks a modest amount of gainz and keep the rest for himself.
Another method he used was to have banks write him fake IOUs for stock purchases which he would then pass onto other banks as genuine. Essentially he would have banks write him bullshit receipts that they would be given a certain amount of stock at a set price. This would also net him a fuckton of cash.
His last method was to act as a broker/proxy for transactions between banks. Because the banks loved Harshad and trusted him, they'd give him free reign to execute their transactions. Harshad was essentially given access to all the money from every Indian bank and to do with it as he wished, primarily through pump-and-dumps.
Eventually, the time came when Harshad had to start selling off some of the pumped up stocks, some of them being inflated to 4400% of their original value. Once he started the mass sell-off and people realized everything he had been underwriting was a lie, investors tried to pull out as quickly as they could, crashing the market. Banks were left with worthless debt for money that never existed in the first place. Harshad was eventually arrested but somehow found not guilty on several of the charges brought against him. While he was still being investigated, he died of a heart attack in 2001, his izzat mostly intact.
