Outlook Web Desk
As per Forbes report, India had 140 Billionaires in 2021. However, as new billionaires are added, obviously not all billionaires are able to keep their growth trajectory and status.
Once touted among the world’s richest people, he has seen his fortunes crumble to near ruin. The man who was once richer than Mukesh Ambani, his elder brother and the current richest man in India, now faces the stark reality of bankruptcy.
Following the recession of 2008, his company began to stagnate. He along with his sons run a company with a net worth of 11 Billion in 2007.
Late Roy once ran a huge Sahara empire, however his fortunes began to dwindle after the Sahara Chit Fund Scam amounting to Rs. 24,000 crores came out. Subsequently, he was jailed.
Malvinder and Shivinder famously known as Ranbaxy Singh Brothers who once inherited a 33.5% stake in Ranbaxy a pharma company. Besides their downfall is said to be their Rs3000 crore loan investment to a ‘spiritual guru’.
Nirav Modi, once a luxury diamond jeweler who owned a fortune of $1.8 billion in 2017. However, following his Rs 14000 crores PNB scam, his brand got tainted.
Once considered to be a liquor baron, he was known for his riches. Following recession in 2008, his Kingfisher Airlines began to tumble in losses and finally his Rs9000 crore scam came to light, which forced him to escape to London.
He went on to build it the fourth largest IT software exporter in the country with the firm worth $ 2 billion in 2008. Following the recession, Raju’s plan of real estate investment was hit.