List of Indian Billionaires who Lost their fortunes

Allegations by Hindenburg Research led to Adani Group’s stocks plunging $130 billion and Gautam Adani’s net worth dropping from $121 billion to $59 billion on February 3 due to continued stock declines.

Gautam Adani

Anil Ambani

He was the sixth richest person in 2008, declared himself a pauper in 2020 due to Reliance Group’s debt, leading to a decline in his personal wealth to $0.5 billion by 2019.

Vijay Mallya

He was once a billionaire businessman who lost his fortune due to the failure of his airline and legal issues, including allegations of fraud and loan defaults. He fled to the UK in 2016 to escape charges.

Nirav Modi

The billionaire jewellery designer was involved in a $1.8 billion fraud in 2018. Forbes estimated his net worth at $1.73 billion in 2017, but he was no longer a billionaire by 2021.

Satyam Ramalinga Raju

Satyam Computers collapsed due to founder Satyam Ramalinga Raju’s massive fraud scandal in 2008. Tech Mahindra later bought it and renamed it Mahindra Satyam. Raju was named the 4th most outrageous CEO by Forbes in 2009

Subhash Chandra

Subhash Chandra, founder of Zee TV and Essel Group, lost significant wealth in 2019 due to a debt crisis from entering infrastructure business. Net worth dropped from $4.4B to $1.9B, with family losing 60% stake in Zee Entertainment. 

Subrata Roy

The Supreme Court of India put Roy in jail on February 26, 2014, because he didn’t show up for a court hearing about a legal dispute with the Market Regulator, SEBI.