We often hear about the dazzling lives of billionaires, but behind the glitz and glamour lies a sobering reality: not all wealth lasts. Some of India’s once-celebrated tycoons
We often hear about the dazzling lives of billionaires, but behind the glitz and glamour lies a sobering reality: not all wealth lasts. Some of India’s once-celebrated tycoons have faced staggering falls from grace, losing fortunes that took years to build. Here’s a closer look at seven prominent Indians who went from riches to rags, demonstrating that wealth can be as fleeting as it is enticing.
Once the proud chairman of the Reliance Group, Anil Ambani was born into a world of privilege. In 2008, he ranked as the sixth richest man globally. However, following a contentious split from his brother Mukesh and a series of poor business decisions, Anil’s fortune evaporated. Today, he grapples with multiple lawsuits and claims to be worth nothing, narrowly avoiding jail with his brother’s help.
Ramesh Chandra, an IIT alumnus, founded Unitech, a real estate giant that peaked at a staggering $32 billion in value. But when the 2008 recession hit, it marked the beginning of his downfall. A reckless venture into the telecom sector led to involvement in the infamous 2G scam, which resulted in his sons’ arrests. Chandra’s empire crumbled, leaving him a shadow of his former self.
Once hailed as one of India’s most powerful figures, Subrata Roy built Sahara into a massive business empire. However, his reputation shattered following the Sahara Chit Fund Scam, which swindled investors out of Rs. 24,000 crores. Convicted and imprisoned for two years, Roy was released on parole in 2017, but the scandal left his legacy tarnished.
Malvinder and Shivinder Singh inherited a 33.5% stake in the pharma giant Ranbaxy, selling it for $2 billion in 2008. However, a string of poor investments, including a disastrous Rs. 3,000 crore loan to a spiritual guru, led to their financial ruin. Today, they face lawsuits for allegedly siphoning off billions from their healthcare and financial companies.
Luxury diamond merchant Nirav Modi was once a name synonymous with opulence, boasting a fortune of $1.8 billion in 2017. His world came crashing down in 2018 when he was implicated in a staggering Rs. 14,000 crore scam against Punjab National Bank. Fleeing to London, Modi is currently embroiled in extradition proceedings, facing the consequences of his actions.
Vijay Mallya, the flamboyant “King of Good Times,” transformed his father’s liquor business into a multibillion-dollar empire. But his ambitious foray into aviation with Kingfisher Airlines spiraled into chaos post-2008 recession. Accused of defrauding banks for Rs. 9,000 crore, Mallya fled to the UK, where he continues to fight extradition.
The founder of Satyam Computers, Ramalinga Raju built his company into one of India’s leading IT firms, worth $2 billion by 2008. However, in a desperate bid to hide financial troubles, he manipulated accounts to create the illusion of growth. The fallout from the 2008 recession exposed his deceit, leading to prison sentences for him and several accomplices.
These stories serve as cautionary tales that highlight the precarious nature of wealth. From ambitious dreams to shocking downfalls, the journeys of these billionaires remind us that fortune can be fleeting, and managing it wisely is crucial. As we look at these transformations, one thing becomes clear: riches may come and go, but the lessons learned can last a lifetime.
