The series also features Satish Kaushik, Anant Mahadevan, Rajat Kapoor, K. K. Raina, Lalit Parimoo, Hemant Kher and Nikhil Dwivedi in pivotal roles.

In February 2018, Sameer Nair, CEO of Applause Entertainment, a content studio from the Aditya Birla Group, announced a web series, consisting of 10 episodes,[7] based on the 1992 Indian stock market scam committed by stockbroker Harshad Mehta, which was adapted by journalist Sucheta Dalal and Debashish Basu, as a novel in the same year, titled The Scam: Who Won, Who Lost, Who Got Away.

[citation needed] Sumit Purohit, Saurav Dey, Vaibhav Vishal, and Karan Vyas were roped in to pen the screenplay and dialogues.

[13] Apart from the lead actors, Satish Kaushik, Anant Mahadevan, Rajat Kapoor, Nikhil Dwivedi, K. K. Raina, and Lalit Parimoo were cast in pivotal roles.

[14][15] Gandhi also stated he had to gain weight by 18 kilograms, to fit into the role of Harshad Mehta, whereas the preparations were undergone for more than a year following look tests and script reading.

The team also recreated the office headquarters of The Times Group in Mumbai, with a huge set being constructed at the Golden Tobacco Compound in Vile Parle.

[20] Major portions of the film were shot at Bombay Stock Exchange in Mumbai, with the show makers however got permission to shoot for short durations of time.

Despite its flaws, it provides an intriguing sneak-peek at the untapped potential of homegrown content creators — and what they are capable of — if allowed to run wild with their imagination.”[39] Ronak Kotecha, editor-in-chief of The Times of India gave three-and-a-half of five stating "The fact that it’s a real story that captured the country’s collective imagination makes for a riveting watch.

"[40] Jyoti Sharma Bawa of Hindustan Times said, "Hansal Mehta digs deep into the India of 80s and 90s to tell us the story of the securities scam that shook up the country.

"[42] Devasheesh Pandey of News18, gave three-and-a-half out of five stars and stated "Scam 1992: The Harshad Mehta Story does not pronounce guilty verdict on India's first financial sector scamster, but presents us with a morally dubious character and leaves it our sensibilities whether to make him a messiah or a pariah.

"[43] Tatsam Mukherjee, writing for Firstpost, summarised "In spite of all the research, the show never quite transports us into Harshad's mind — the greed, the compulsive need to be surrounded by materialist things, the arrogance of taking on the government, and the tragedy of a 'pioneer' turned into an outcast.

"[44] Scroll's chief editor Nandini Ramanath reviewed "Scam 1992 provides ample evidence of Mehta’s dishonesty over 500-plus minutes, only to float the idea that the system was the bigger villain.

"[45] Moumita Bhattacharya of Rediff gave three-and-a-half out of five and stated "Hansal Mehta's nine-hour drama series Scam 1992 needs to be viewed by everyone, young and old.

"[46] The News Minute's Saraswati Darar wrote "Scam 1992: The Harshad Mehta Story, it’s a compellingly told labour of love that deserves to be watched.

"[48] Amman Khurana of Zoom TV, gave four out of five and stated "Scam 1992 – The Harshad Mehta Story, despite being significantly long, never goes off track and keeps you glued till the end.

"[50] Prathyush Parasuraman writing for Film Companion gave a mixed review and said "There’s too much posturing and pouting, and not enough to stay tethered to the 10 long fifty-minute episodes.

"[51] The music of the series became popular, with the titular track of Scam 1992, was recreated by a beatbox band from France,[52] which went viral on YouTube with 970,000 views upon its release on 4 December 2020.