The 68-year-old was declared bankrupt by a London court in June 2020 with a loan of more than £130 million in his name.
Many businessmen, who were once billionaires, went bankrupt in their lives for various reasons. Some depended on spouses and children for daily expenses. One such person is Pramod Mittal, chairman of Ispat Industries Limited (now JSW Ispat Steel). He was declared bankrupt in 2020 after paying 2.5 billion pounds (about Rs 24,000 crore at the time) to his creditors. He is the brother of Indian billionaire and steel magnate Lakshmi Mittal.
Pramod was among the richest men in the world. He was known for his spending sprees. He spent around Rs 550 crore on his daughter Shristi’s wedding in 2013. The 68-year-old was declared bankrupt by a London court in June 2020 with a loan of more than £130 million to his name. In his bankruptcy filing, Mittal claimed he had no personal income and the only property in his name at the time was worth only P45 in Delhi.
Pramod, along with two other GIKIL officials, was also arrested in Bosnia in 2019 on fraud charges. Pramod once agreed to guarantee the debts of a Bosnian coke producer called GIKIL. His Global Steel Holdings signed on to guarantee GIKIL’s debts and then it all went wrong. GIKIL could not repay its steel trading guarantee company in London. Today, his brother Lakshmi Mittal remains among the richest Indians with a net worth of $15.5 billion, according to Forbes.
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