List of Indian Billionaires Went Bankrupt iNewstelegraph

Once counted among the world’s richest with a net worth of $42 billion, Anil Ambani, earlier in February this year told a UK court that his net worth was zero.

New Delhi: Rags to wealth accounts of moguls and very rich people are regularly a motivation to a huge populace. Be that as it may, on the other side, India additionally a ton of wealth to clothes stories. Throughout the long term, there have a few extremely rich people, moguls in the nation who have failed. The tales of the tycoons is likewise an exercise for individuals that one little misstep and eradicate as long as you can remember’s exertion and can clear out your abundance leaving you bankrupt.

Here are 7 Indian tycoons who went from Riches to Rags:

1. Vijay Mallya: Absconding alcohol aristocrat Vijaya Mallya, otherwise called the lord of good occasions, was previously a rich Indian money manager. The previous Rajya Sabha MP and previous proprietor of an IPL establishment, Mallya had wandered into new fields, be it sports, legislative issues or the now-ancient Kingfisher carriers. A consortium of 17 Indian banks drove by the State Bank of India (SBI) is seeking after insolvency request Mallya in the High Court in the UK.

The consortium is attempting to gather roughly Rs 9,000 crore ($1.3 billion) in advances which Mallya has purportedly directed to increase 100% or a fractional stake in around 40 organizations over the world. As of late, the consortium told the Supreme Court that around Rs 3,600 crore has been recuperated from Mallya. Senior Advocate Mukul Rohatgi educated the top court that Rs 11,000 crore is as yet forthcoming to be recuperated from Mallya and UBHL.

Mallya, who has been situated in the United Kingdom since March 2016, is needed back in India under charges of monetary misrepresentation. In January 2019, an uncommon Prevention of Money-Laundering Act (PMLA) court had pronounced him a ‘criminal monetary guilty party’.

2. Mehul Choksi: Gitanjali bunch proprietor Mehul Choksi fled the nation in the wake of swindling Punjab National Bank with this nephew Nirav Modi. The outlaw finance manager is as of now living in the island country of Antigua and Barbuda and is needed by the Indian experts for criminal schemes, penetrate of trust and tax evasion.

Choksi was the proprietor of Gitanjali Group, a retail gems organization with around 4,000 stores in India. Choksi is associated with conspiring with two representatives of PNB, the nation’s second-biggest state-possessed bank, in an affirmed $1.8 billion extortion.

An assigned PMLA authority, in 2018, held that 41 properties worth about Rs 1,210 crore, joined by the ED for the sake of Mehul Choksi and his related firms, are tax evasion resources and requested that their connection should proceed.

3. Ramalinga Raju: Bank during the 90s when the IT business was beginning to sprout in the nation, Satyam Computers used to be a profoundly effective IT firm which at last imploded and shut down in 2015. Among numerous purposes behind the breakdown was the previous Satyam Computer Services Chairman and CEO Ramalinga Raju.

Raju ventured down from his function after he conceded that he stole the organization of Rs 7,140 crore. Raju left the Satyam board after the Satyam Scandal broke out and he confessed to misrepresenting incomes, edges and over Rs 5,000 crore of money adjusts of the organization.

Raju admitted to bookkeeping misrepresentation as much as $1.5 billion and left the Satyam board the exact year in January. Satyam was then bought by Tech Mahindra and was renamed Mahindra Satyam. Inside a month of being indicted, Raju and all other people who were seen as blameworthy in the extortion were conceded bail by an extraordinary court in Hyderabad. The bail sum for R. Raju and his sibling was set at Rs 1 lakh and different convicts were set at Rs 50,000.

4. Nirav Modi: Firestar Diamond proprietor Nirav Modi, who is needed by the Interpol and the Indian government for criminal intrigue, defilement, illegal tax avoidance, extortion and break of agreement since August 2018, is at present in a London prison. The criminal diamantaire is being researched in a $2 billion misrepresentation instance of Punjab National Bank.

After PNB documented a grievance against Modi and his accomplices for cheating the bank of Rs 28,000 crore, CBI enlisted an argument against the money manager and the ED began exploring him. Modi has likewise been sued by a California-based business person for $4.2 million more than two custom jewel wedding bands which ended up being lab precious stones.

5. Subrata Roy: When it comes to tricks, Sahara India is perhaps the greatest trick known to the Indian populace. The Sahara trick, otherwise called Sahara chit store trick, is one of the greatest corporate tricks in India. Subrata Roy who is the overseeing specialist and Chairman of Sahara India Pariwar had a spat with the law requirement organizations in 2014.

On 26 February 2014, the Supreme Court of India requested the detainment of Roy for neglecting to show up before it regarding a legitimate question with Market Regulator – SEBI. Roy was held in authority in the Tihar Jail, Delhi and is currently free from jail, but still under watch since May 2016.

From that point forward Roy has been fruitful in getting his bail stretched out on different grounds. Starting at 31 January 2019, Sahara actually needed to pay Rs 10,621 crore to meet its absolute obligation.

6. VG Siddhartha: India’s greatest espresso chain Cafe Coffee Day organizer VG Siddhartha was known as one of the best finance managers in the nation. The Coffee King stunned the country when he purportedly ended it all last year. In the wake of disappearing on the night of 29th July 2019, his body was found at Hoige Bazaar sea shore on 31st July.

Prior to hopping off a scaffold into a stream in a clear self destruction, he had written a letter that talked about weight from moneylenders, a private value firm and provocation by charge authorities. Note that on 21 September 2017, a duty assault was directed at more than 20 of Siddhartha’s areas in Mumbai, Bengaluru, Chennai, and Chikmagalur by senior officials of the Income Tax Department of Karnataka and Goa locales.

7. Anil Ambani: Reliance Communication executive Anil Ambani was before India’s most extravagant man. Truth be told, at a certain point, Anil’s total assets was route higher than his sibling Mukesh Ambani. In 2008, Anil was named the 6th most extravagant individual on the planet by Forbes which fixed his abundance at $42 billion.

Once considered as a part of the world’s most extravagant with a total assets of $42 billion, Anil Ambani, prior in February this year told a UK court that his total assets was zero and his family won’t uphold him when “all things considered comes to push”.

The Chairman of the Reliance Group had a nearby shave with prison time in March before RIL Chairman Mukesh Ambani rescued him at last. The burdens of the ex-tycoon went to the front when Supreme requested that he pay Ericsson AB’s India unit about $77 million of past levy or go to prison since Anil Ambani had given an individual assurance.

Anil Ambani has been battling off lenders and battling numerous cases in courts in the midst of his Reliance Communications Ltd. sliding into liquidation.