Vijay Mallya To Nirav Modi, 5 Indian Billionaires’ Fall From Grace – News18

In the enterprise world, you will see that so many tales of success. Someone rose from a small room to develop into a billionaire, whereas others excelled in agriculture and earned fame and wealth. However, not all’s properly for everybody within the area as one may lose their full funding or might lose your entire income. Hence, we’ll be itemizing the highest 5 billionaires of India who didn’t take lengthy to satisfy their misfortune.

Singh Brothers

Once, the 2 Singh Brothers have been recognized for his or her success overseas as symbols of Indian achievement. The promoters of Ranbaxy, Malvinder Singh, and Shivinder Singh, have been ranked thirty fifth amongst India’s wealthiest folks in 2015, with a mixed web price exceeding $2.5 billion or greater than Rs 20,000 crore at the moment. However, the next yr, they discovered themselves in debt with a staggering Rs 13,000 crore. In 2008, they bought their stake in Ranbaxy to a Japanese firm, misused the proceeds, and confronted each enterprise downfall and tarnished status.

Vijay Mallya

Known because the King of Good Times, Mallya was a businessman surrounded by a glamorous picture and recognized for his events with stunning ladies. He owned firms like Kingfisher Airlines, United Spirits (which produced Kingfisher Beer), Mangalore Chemicals and Fertilizers, and Berger Paints. After borrowing Rs 9,000 crore from 17 banks and defaulting, he left the nation. The Indian authorities has declared him a fugitive, and lots of of his belongings in India have been auctioned off.

Mehul Choksi:

The proprietor of Gitanjali Jewellery, Mehul Choksi, has additionally been declared a fugitive. With 4,000 shops throughout the nation simply 5 years in the past, his web price was Rs 1,150 crore. Reports recommend that he now has solely 23 crore left in belongings. Accused within the Rs 13,500 crore PNB rip-off alongside along with his nephew, he fled the nation in 2017 after acquiring citizenship from Antigua and Barbuda.

Nirav Modi

Nephew of Mehul Choksi, Nirav Modi, also called the mastermind of the PNB rip-off, was concerned within the diamond enterprise with photos that includes him alongside large-identify heroines. Five years in the past, he possessed belongings price Rs 13,000 crore. However, right this moment, he owes greater than Rs 30,000 crore, is within the custody of the London police, and faces allegations starting from cash laundering to harassing authorities officers.

Rana Kapoor

Founder, managing director, and CEO of Yes Bank, Rana Kapoor, is now in jail. Due to his actions, the financial institution confronted the brink of chapter. The financial institution’s shares fell so sharply that they haven’t recovered to at the present time. During his tenure, Yes Bank granted a mortgage of Rs 30,000 crore, and Rs 20,000 crore became unhealthy money owed. This signifies that the cash is unlikely to be recovered sooner or later as properly.