India has been home to some of the world’s wealthiest individuals. However, like in any other country, some Indian billionaires have lost their fortunes over time.
These Indian billionaires were once at the top of their game, but due to various reasons, they lost their fortunes. Their stories serve as a reminder that wealth is not permanent, and it is essential to manage it carefully. Here are seven billionaires who went from riches to rags.
Vijay Mallya was the former chairman of Kingfisher Airlines, which was India’s largest airline in terms of market share until 2012. However, the airline incurred huge losses, and Mallya was unable to pay back the loans he had taken. In 2016, he fled to the UK to escape legal proceedings for unpaid loans and money laundering.
Subrata Roy is the founder of Sahara India Pariwar, a conglomerate with interests in real estate, media, and finance. However, in 2011, the Securities and Exchange Board of India (SEBI) accused Sahara of raising funds from the public through illegal means. In 2014, Roy was sent to Tihar Jail for failing to comply with SEBI’s orders to refund the investors.
Anil Ambani is the younger brother of Mukesh Ambani, the chairman of Reliance Industries. Anil was the chairman of Reliance Communications, which was once the second-largest telecom company in India. However, the company faced intense competition from new players, and Ambani was unable to service the company’s debts. In 2020, Anil Ambani declared that he was bankrupt.
Naresh Goyal is the founder of Jet Airways, which was once one of the largest airlines in India. However, the airline ran into financial trouble due to high operating costs and intense competition. In 2019, the airline was grounded, and Goyal stepped down as the chairman. He is currently fighting legal battles related to unpaid dues and fraud charges.
Mehul Choksi, a runaway businessman residing in Antigua and Barbuda, is being sought by Indian authorities for accusations of criminal conspiracies, breach of trust, and money laundering. He previously owned Gitanjali Group, a retail jewelry corporation with 4,000 branches throughout India.
He has been issued an arrest warrant in the Punjab National Bank fraud case. Choksi is suspected to have allegedly collaborated with two Punjab National Bank (PNB) employees in a $1.8 billion scam.
Nirav Modi is a fugitive businessman wanted by Indian authorities for his alleged involvement in a multi-crore Punjab National Bank (PNB) fraud case. He is accused of defrauding the bank of over $2 billion in collusion with some of its employees. Modi, a high-end diamond jeweler, left India in January 2018, shortly before the fraud case was uncovered, and is currently believed to be living in the UK. The Indian government has been seeking his extradition from the UK to face charges in India.
BR Shetty is the founder of NMC Health, a healthcare company based in the UAE. However, the company was embroiled in a financial scandal, and Shetty was accused of fraud and money laundering. In 2020, he declared that he was bankrupt, and his assets were seized by the authorities.