India has produced some of the world’s wealthiest and influential people who reached the pinnacle of success. However, those who once ruled the business world lost their fortunes over time. Market crashes, legal troubles, financial mischief, and mounting debt marked their downfall. Here are the top six Indian billionaires who eventually lost their fortunes and proved that even the wealthiest can fall.
Vijay Mallya
Indian Fugitive Vijay Mallya was the Ex-Chairman of defunct Kingfisher Airlines, the largest airline in terms of market share in the country until 2012. However, the airline suffered huge losses, as Mallya was unable to repay the loans that he had taken. Born on 18 December 1955, Mallya fled to the United Kingdom to escape legal proceedings. He became the subject of an extradition effort by the government to get him back from the UK to face legal charges for unpaid loans and money laundering.
Nirav Modi
Nirav Modi is a fugitive businessman allegedly involved in a multi-crore Punjab National Bank (PNB) fraud. He is wanted by the Indian authorities and accused of cheating the bank of more than $2 billion along with some of its employees. He left India in 2018, shortly before the fraud case was brought to light. According to reports, he is currently settled in the UK, while the Indian government is seeking his extradition to face legal consequences in India.
Naresh Goyal
Indian businessman and the founder & Chairman of Jet Airways, Naresh Goyal, started operating his airline in 1993 with initial seed money from Tail Winds incorporated, Isle of Man. However, the airline landed in financial trouble due to high operational costs and fierce competition. The airline suspended operations in 2019, and he stepped down as its chairman. According to reports, at present, he is facing legal battles due to fraud charges and unpaid dues.
Subrata Roy
Born in 1948, Subra Roy is an Indian businessman who founded the Sahara India Pariwar in 1978, an Indian conglomerate with interests in real estate, media, and finance. Back in 2011, Roy was accused of raising funds illegally by the Securities and Exchange Board of India (SEBI). He was sent to Tihar Jail in 2014 for non-compliance with SEBI’s directives to refund the investors.
Mehul Choksi
Fugitive businessman Mehul Choski was arrested in Belgium on Monday, April 14. He is one of the accused in the 2 billion dollar Punjab National Bank (PNB) Scam. His arrest was made based on two non-bailable warrants issued by the Mumbai court, dated May 23, 2018, and June 15, 2021, as per media reports. In 2018, Mehul Choksi, along with his nephew Nirav Modi, their family employees, and several bank officials, were charged by ED and CBI in connection with the fraud at PNB’s Brady House branch in Mumbai.
Also Read: Fugitive Mehul Choksi’s Global Escape Route Ends in Belgium: From PNB Scam To Arrest – A Timeline
