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The year 1992 brought two seismic events that Raj Mehra turned into opportunities: global financial chaos and domestic communal tragedy.
**Black Wednesday – Pound Shorting Opportunity (September 1992)**
The System had flagged it months earlier: the British pound was overvalued in the European Exchange Rate Mechanism (ERM). George Soros was already shorting heavily; the Bank of England would raise rates to 15% on September 16 but fail to defend the peg, forcing exit and devaluation.
Raj met Suraj Patel and his London-based Pragarti Ventures head, Vikrant Kapoor, in a secure Mumbai call on August 30.
Raj: "Vikrant, the pound will break. Soros is making billions. We short £400 million—leveraged 10x through European shells. Use Luxmi forex reserves."
Vikrant: "Boss, that's aggressive—£4 billion exposure. If it goes wrong..."
Raj: "It won't. System gives 98% probability. Enter positions September 10–14. Exit September 17."
Suraj: "Luxmi will provide the margin—200 crore from reserves. Profits projected: 450–600 crore."
On September 16 (Black Wednesday), the Bank of England capitulated. Pound fell 15% overnight. Raj's shorts closed at peak profit: 520 crore after fees.
In India, TBF ran a series: "Global Markets Crash—Protect Your Savings" (written by Ravi Sharma and Anita Rao), diverting investors to Luxmi fixed deposits (added 250 crore deposits). Raj recycled 200 crore into BP state budgets (Maharashtra & Rajasthan) and 100 crore into UFT expansions.
Ravi to Raj: "Boss, the story's viral—readers say 'TBF warned us, Luxmi saved us.' BP's trust up 20% in rural areas."
Raj: "Good. Let Soros take the headlines—we take the profits quietly."
**State Assembly Elections (1992–1993)**
**1992 Elections**
- **Punjab (117 seats, February 1992)**: BP contested 80 seats, won 20 (security appeal in post-insurgency phase). Congress 87, Akali Dal boycotted. BP strong opposition.
Congress reaction (Beant Singh, CM): "BP's gains are fluke—they rode our peace efforts." Akali Dal (Simranjit Singh Mann): "BP stole our Sikh vote with false promises."
Vikram Singh (Maharashtra CM) to Raj: "Punjab win shows BP's security narrative works."
- **Manipur (60 seats, February 1992)**: BP contested 40, won 10 (rural development focus). Congress 27, others 23. BP minor alliance role.
Congress (Raj Kumar Jaichandra Singh): "BP outsiders in Northeast." BP coordinator Sanjay Verma: "We'll build here slowly."
**1993 Elections** (post-Babri demolition)
- **Delhi (70 seats, November–December 1993)**: BP contested 60, won 25 (urban anti-corruption + temple appeal). BJP 49, Congress 14, others 12. BP strong opposition.
BJP (Madan Lal Khurana, CM): "BP split Hindutva vote—cost us majority." Congress: "BP's propaganda failed here."
- **Madhya Pradesh (320 seats, November 1993)**: BP contested 250, won 50 (temple belts + UFT pilots). BJP 117, Congress 174, others 79. BP kingmaker—supports BJP government.
BJP (Sunderlal Patwa, CM): "BP's support is welcome—stability after Babri chaos." Congress (Digvijaya Singh): "BP's interference will backfire—their outsider tactics won't hold."
- **Uttar Pradesh (425 seats, November 1993)**: BP contested 300, won 60 (pilgrim circuits + rural gains). BJP 177, SP 109, Congress 46, others 33. BP opposition but influential.
BJP (Kalyan Singh, CM): "BP's moderate voice useful—we'll work together." Congress: "BP profited from Ayodhya chaos."
- **Himachal Pradesh (68 seats, November 1993)**: BP contested 50, won 15. Congress 52, BJP 8, others 13. BP opposition.
Congress (Virbhadra Singh, CM): "BP's gains minimal—they're irrelevant here." BJP: "BP stole our votes."
- **Rajasthan (200 seats, November–December 1993)**: BP contested 150, won 50 (temple + drought relief). BJP 95, Congress 50, others 5. BP coalition with BJP.
BJP (Bhairon Singh Shekhawat, CM): "Ramesh Desai and BP bring strong alliance—welcome synergy." Congress (Ashok Gehlot): "BP diluted traditions."
- **Mizoram (40 seats, December 1993)**: BP contested 20, won 5. Congress 23, MNF 14, others 3. BP minor role.
Congress (Lal Thanhawla, CM): "BP irrelevant here." MNF: "Their development talk interesting."
**Babri Masjid Demolition (December 6, 1992)**
The Rath Yatra's flames still burned. In December 1992, kar sevaks gathered in Ayodhya—150,000 strong. VHP leaders like Ashok Singhal rallied: "The temple will rise."
Raj could stop it—ASUR had 400 operatives ready. But in a tense call with Arjun Das (December 5):
"Arjun, we can end this before it starts—tranquilizers, diversions, the works."
Arjun: "Boss, one word and it's over. But the System says if it falls, communal wave hits—BJP surges, Congress fractures."
Raj paused, glancing at Priya with Riya and Jyoti with Aryan. "Let it fall. History demands a reckoning. But contain the violence—no massacres. Protect lives on both sides. Let the wave come. BJP will burn bright and fast. BP will rise as the stable force."
Arjun: "Understood. We'll limit casualties—deploy in Mumbai, Surat, Ahmedabad."
On December 6, the Babri Masjid was demolished. Riots erupted—contained better than real history by ASUR and BP states. Deaths: ~900–1,200 (vs real 2,000+). BP governments imposed curfews, distributed aid.
Many places Muslim crowd started doing violence. Raj strictly ordered Rajasthan and Maharashtra CM. Do lathi charge heavily on crowds don't show Mercy. Raj was influenced by past life Yogi model.
Also if anyone damage any public property fined the culprit and saw if there property like houses are illegally encroached if they are then demolish it.
Both CM nodded and they feel this is too much but they obeyed Raj.
TBF: "Tragedy in Ayodhya—BP Calls for Peace and Progress."
Vikram Singh (Maharashtra CM): "We condemn violence—law must prevail."
Ramesh Desai (Rajasthan Deputy CM): "Peace and dialogue—BP stands for unity."
After some days violence stopped Peace comes in many places but in Rajasthan and Maharashtra violence stopped after 24 hours. 100s of people got injured by police action and then violence stopped.
Many traditional news paper condemned this called anti Muslim etc.
But Raj didn't responds to it.
The nation watched; Raj steered from shadows.
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