Adani's wealth falls below $50 billion: A list of Indian billionaires who lost their fortunes

Following the wide range of allegations, including accounting fraud and stock manipulation, made by the short-seller Hindenburg Research, in a 100-page report on the conglomerate, the seven listed stocks of the Adani Group plummeted, losing $130 billion in market value. Gautam Adani, who was the third richest in the world at the beginning of January 2023 with a fortune of $121 billion, has dropped to the 25th rank in the Bloomberg Billionaires Index. On January 27, 2023, his net worth dropped to $92.7 billion, causing him to fall out of the world's top five richest people list. In the following days, as the group stocks continued to be hammered, the wealth of the business tycoon dropped to $72.1 billion on February 2 and to $59 billion on the next day, according to Bloomberg Billionaires Index data.

Anil Ambani, the chairman of the Reliance Group, was once the sixth richest person in the world, according to Forbes, with a wealth of $42 billion in 2008. 12 years down the line, the brother of Asia’s richest man Mukesh Ambani, declared himself a pauper to Chinese banks in 2020, while also informing a UK court that his net worth had become zero. By 2011, the net worth of Anil Ambani dropped to $8.8 billion and in the following year, it fell to $7 billion. By 2019, he fell off the billionaire club as the wealth crashed to $0.5 billion, as per media reports. The financial problems for Anil Ambani and the Reliance Group began to emerge in the late 2010s. The group had accumulated significant debt over the years, particularly in its telecommunications and infrastructure businesses, which put a significant financial strain on the group. In an effort to reduce debt and improve its financial position, the Reliance Group was forced to sell off assets, including its media and entertainment businesses. As a result of the financial struggles faced by the Reliance Group and the decrease in the value of its assets, Anil Ambani's personal wealth declined significantly. 

Nirav Modi was once a billionaire jewellery designer known for his high-end jewellery brand. In 2017, Forbes estimated Modi's net worth to be $1.73 billion, making him one of the richest people in India, but by 2021, his wealth had declined significantly and he was no longer considered a billionaire. On February 14, 2018, Punjab National Bank informed the exchanges that it had detected a $1.8 billion fraud involving Nirav Modi, which was considered one of the biggest scams in the country’s corporate history.  The scam involved the issuance of letters of undertaking (LoUs) by PNB employees, which were used by Modi and Choksi to obtain loans from overseas branches of Indian banks.

Vijay Mallya, an Indian businessman and once billionaire, who was known as the ‘King of Good Times’ due to his lavish lifestyle and successful business empire, was the chairman of the UB Group, a conglomerate that included various companies across sectors such as alcohol, aviation, and real estate. In 2007, his net worth peaked at $1.6 billion, making him the 40th richest person on Forbes' list. However, his wealth dropped significantly five years later. The downfall of Mallya's fortune began in the early 2010s, five years after the launch of Kingfisher Airlines, which struggled due to fierce competition and high levels of debt. The airline eventually went bankrupt in 2012, leaving creditors, banks, and employees unpaid. Despite multiple attempts to revive the airline, including fundraising efforts and cost-cutting measures, it failed. In addition to financial problems, Mallya faced legal issues, including allegations of financial fraud and loan defaults. Multiple banks in India declared him a wilful defaulter, and in 2016, he fled to the United Kingdom.

Satyam Ramalinga Raju, the founder and CEO of Satyam Computers, once a global company and one of the best IT companies, faced a massive fraud scandal in 2008. The founder and directors of the company were accused of manipulating accounts, creating profits out of thin air, and investing large sums of money into the Hyderabad property market, which ultimately collapsed in 2008. This scam was brought to light in 2009, and Satyam's collapse was inevitable. Raju admitted to the fraud, and Satyam's stock prices plummeted. In April 2009, Satyam was purchased by Tech Mahindra and renamed Mahindra Satyam. This scandal sent shockwaves across the corporate sector, and it led to a series of policy changes in India. Satyam Ramalinga Raju was named the world's 4th most outrageous CEO by Forbes in November 2009, reported by ET. 

Subhash Chandra, the founder of Zee TV, suffered a significant loss of wealth due to the debt crisis that hit his Essel Group in 2019. Chandra's net worth dropped from $4.4 billion in 2018 to $1.9 billion in 2019, primarily because of the liquidity crisis that resulted in the forced sale of assets at steep discounts to meet debt obligations. The debt crisis was caused by Chandra's decision to enter the infrastructure business, taking out large loans supported by his family's shares in Zee Entertainment used as collateral. However, the burden of the debt was too great, and Chandra was unable to sustain the infrastructure business, ultimately leading to his failure to repay the loans. Soon, the lenders took over the founder's family shares and sold them in the open market. In the end, the family lost a significant portion of their wealth, with reports suggesting that they had to sell around 60% of their stake in Zee Entertainment.