Bankrupt Businessman of india .#trending #businessman #vijaymallya #niravmodi #mehul choksy
Channel: Yt facts of life
Date: 2021-04-15

Pramod Mittal, brother of Lakshmi Mittal, was declared the 'most bankrupt man' in June 2020. He was allegedly accused of owning £2.5 billion to a lot of people. 
Businessman Pramod Mittal came into the limelight in 2013 for throwing a lavish wedding for his daughter that cost nearly ₹505 crores. He was once one of the richest men in the UK but, in June 2020 he was declared the 'most bankrupt man' by the London High Court. He reportedly owes £2.5 billion (₹24,155 crore approximately) to a lot of people including his father, wife and other family members. He ultimately had to rope in a third party to deal with the “legal costs of his bankruptcy.” According to a report by TOI, his creditors agreed to his proposal of IVA (individual voluntary arrangement) where he now has to pay only $4.4 million (nearly ₹42 crores) of the total amount he owes.

Source: economictimes.indiatimes.com
2. Nirav Modi, who was once known as the diamond king, was arrested and sent to prison after he was accused of duping PNB Bank of nearly ₹13,000 crore. 
Nirav Modi built a diamond empire but, it all came crashing down in 2018 when he and his uncle Mehul Choksi were accused of duping PNB Bank of nearly ₹13,000 crore. This was undoubtedly, one of the most controversial scams in India. Cases against him are still going on in the UK (he fled India and took shelter in the UK). In fact, in February 2020, some of his personal items were auctioned, which included a rare painting by MF Hussain worth ₹12-18 crore, a Rolls-Royce Ghost, ₹55 lakh limited edition watch and more. Though, through the court, the PNB Bank has managed to recover only $3.25 million (₹24.2 crore approx.) Currently, Nirav Modi remains at Wandsworth Prison, where he has been lodged since his arrest in March 2019.

Source: qrius.com
3. Vijay Mallya, the King of Good Times, went from being a rich businessman to being a fugitive after he failed to repay a loan of ₹9000 crores which he took from numerous banks in India. 
ADVERTISEMENT

Vijay Mallya was another business tycoon in India who went from riches to rags in a matter of a few years. Mallya allegedly fled India after he owned numerous banks a collective amount of ₹9000 crores, which he took as a loan to keep his now-defunct Kingfisher airlines from failing. After that incident, as many as 12 Indian banks filed a petition for Vijay Mallya to be declared bankrupt. He is now in the UK where the London High Court recently gave him a bankruptcy reprieve stating that he should be given time to first settle his petitions in the Indian courts. Mallya cannot be brought back to India till secret legal proceedings in UK get resolved, meanwhile many of his assets have been seized by the ED to recover the lost money. Apparently, he's broke now and lives off his children and partner.

Source: www.business-standard.com
4. BR Shetty, the founder of NMC Health, lost his empire after being accused of fraudulent financial practices.
BR Shetty was once a billionaire who owned all the luxuries in the world. From vintage cars to private jets, he had it all but, unfortunately the golden days didn't last long. The pharmaceutical entrepreneur and founder of NMC Health was accused of fraudulent financial practices. Reportedly, his company NMC Health was declared bankrupt as it had an undisclosed debt of $6.6 billion (₹49,100 crore approx). As of now, Shetty is facing a legal challenge in India as Bank of Baroda has sued him for backing away from an agreement to give the bank 16 properties as collateral for debts and to secure additional guarantees. Currently, he and his wife have resigned from their position at the company that still struggles to stay afloat. A criminal complaint has also been filed against NMC Health by the Abu Dhabi Commercial Bank. 

Source: www.arabianbusiness.com
5. Anil Ambani, brother of Mukesh Ambani, declared bankruptcy in 2019 after he failed to repay loans to three Chinese bank and the SBI. 
Despite being the brother of Mukesh Ambani, one of the richest men in Asia, Anil Ambani, the Chairman of Reliance Group is on the edge of bankruptcy. Reportedly, he has been accused of failing to repay a loan of $925 million (₹6,882 crore approx.) that he took from three Chinese banks and a loan of ₹1,200 crore which he took on a personal guarantee from SBI. For the same reasons, his company, Reliance Communications had filed for bankruptcy in 2019. In fact, he told the UK court that his 'net worth is zero'.