When we think of rags to riches stories, India is no stranger to such tales. From Mahatma Gandhi to Dhirubhai Ambani, India has seen some of the most inspiring success stories ever. But there are few other Indian businessmen who have experienced the opposite fate, going from riches to rags.
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Vijay Mallya
Vijay Mallya is one such example, known as the ‘King of Good Times’, Mallya was once the poster child of success, owning businesses in the aviation, liquor, and technology industries. However, his businesses began to crumble when his airline, Kingfisher, failed to pay back its loans. He was arrested in 2017 for fraud and money laundering and is currently in the process of extradition.
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Mehul Choksi
Mehul Choksi is another example. As the owner of the jewellery empire Gitanjali Gems, Choksi was one of India’s most respected businessmen. But he was soon embroiled in the Punjab National Bank fraud case and had to flee India. He was granted citizenship in Antigua and Barbuda and is currently fighting his extradition back to India.
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Nirav Modi
Nirav Modi is yet another example of an Indian businessman who went from riches to rags. He was once the owner of the famous jewellery brand, Firestar Diamonds. He too was embroiled in the PNB fraud scandal and had to flee the country. He was arrested in London in 2019 and is currently fighting his extradition back to India.
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Subrata Roy
Subrata Roy, the owner of the Sahara Group, is another example. After the success of his company, Roy was known as the ‘king of debt’, as he had borrowed billions from banks. However, Sahara failed to pay back its debts and Roy was arrested in 2014 and is currently in jail.
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Anil Ambani
Anil Ambani, the owner of Reliance Group, is another example of an Indian businessman who went from riches to rags. After the success of his group, Ambani was one of the most respected businessmen in India. But he was soon embroiled in a debt crisis and had to sell off many of his assets. He was later arrested in 2019 for failing to pay off his debts.
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Siddhartha
The last example is Siddhartha, the owner of Cafe Coffee Day. Siddhartha was once a successful businessman and was considered to be one of the richest people in India. But his businesses soon began to crumble and he was found dead in 2020, apparently due to financial stress.
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These examples of Indian businessmen who went from riches to rags show that no matter how much money a person has, it can all disappear in the blink of an eye. It is a reminder that no matter how successful we are, we should always be mindful of our actions and plan for the future.