Vijay Mallya, Nirav Modi, Mehul Choksi… 7 Indian billionaires who went from riches to rags

Vijay Mallya

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.

Subrata Roy

In 2011, SEBI accused Sahara of raising funds from the public through illegal means. In 2014, founder Roy was sent to Tihar Jail for failing to comply with SEBI’s orders to refund the investors.

Anil Ambani

Reliance Communications 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

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.

Mehul Choksi

Mehul Choksi, a runaway businessman, 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.

Nirav Modi

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.

BR Shetty

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.