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

In the business world, you will find so many stories of success. Someone rose from a small room to become a billionaire, while others excelled in agriculture and earned fame and wealth. However, not all’s well for everyone in the domain as one might lose their complete investment or could lose the entire profits. Hence, we’ll be listing the top 5 billionaires of India who didn’t take long to meet their misfortune.

Singh Brothers

Once, the two Singh Brothers were known for their success abroad as symbols of Indian achievement. The promoters of Ranbaxy, Malvinder Singh, and Shivinder Singh, were ranked 35th among India’s wealthiest people in 2015, with a combined net worth exceeding $2.5 billion or more than Rs 20,000 crore at that time. However, the following year, they found themselves in debt with a staggering Rs 13,000 crore. In 2008, they sold their stake in Ranbaxy to a Japanese company, misused the proceeds, and faced both business downfall and tarnished reputation.

Vijay Mallya

Known as the King of Good Times, Mallya was a businessman surrounded by a glamorous image and known for his parties with beautiful women. He owned companies 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 country. The Indian government has declared him a fugitive, and many of his assets in India have been auctioned off.

Mehul Choksi:

The owner of Gitanjali Jewellery, Mehul Choksi, has also been declared a fugitive. With 4,000 stores across the country just five years ago, his net worth was Rs 1,150 crore. Reports suggest that he now has only 23 crore left in assets. Accused in the Rs 13,500 crore PNB scam along with his nephew, he fled the country in 2017 after obtaining citizenship from Antigua and Barbuda.

Nirav Modi

Nephew of Mehul Choksi, Nirav Modi, also known as the mastermind of the PNB scam, was involved in the diamond business with pictures featuring him alongside big-name heroines. Five years ago, he possessed assets worth Rs 13,000 crore. However, today, he owes more than Rs 30,000 crore, is in the custody of the London police, and faces allegations ranging from money laundering to harassing government officials.

Rana Kapoor

Founder, managing director, and CEO of Yes Bank, Rana Kapoor, is now in jail. Due to his actions, the bank faced the brink of bankruptcy. The bank’s shares fell so sharply that they have not recovered to this day. During his tenure, Yes Bank granted a loan of Rs 30,000 crore, and Rs 20,000 crore turned into bad debts. This means that the money is unlikely to be recovered in the future as well.