Meet indian guy who spent Rs 550 crore on daughter's wedding, went to prison after going bankrupt because of...; his call is...

the arena of business is cutthroat and even the biggest businessmen aren't resistant to losses, but there a few unfortunate cases where a billionaire, as soon as counted amongst richest men within the international, went bankrupt and needed to depend upon his spouse and youngsters for daily expenses.

the man we're talking approximately is Pramod Mittal, the brother of steel wealthy person lakshmi Mittal, who turned into declared bankrupt in 2020 after paying 2.5 billion pounds (around Rs 24,000 crore at the time) to his creditors.

who's Pramod Mittal?

Pramod Mittal, once many of the richest men inside the uk (uk), is the brother of billionaire metallic magnate lakshmi Mittal. The 68-yr-old, who as soon as spent Rs 550 crore on his daughter's wedding ceremony, turned into declared bankrupt in 2020 with the aid of London's Insolvency and organization court docket, with a mortgage of over 130 million pounds to his call.

Pramod Mittal had declared a loan of two,549,089,370 pounds, which protected his father's debt of over a hundred and seventy million kilos. In his financial ruin filing, Mittal claimed that he had no man or woman profits and the simplest property to his call at the time became well worth a mere forty five kilos in Delhi,

in step with a file on the time, Pramod Mittal that his month-to-month private prices of round 2,000 to 3,000 pounds were being met via his spouse, and he had borrowed cash from his family-- 1.1 million pounds from his spouse Sangeeta, 2.4 million pounds from his son Divyesh and 1.1 million kilos from his brother-in-regulation amit Lohiya-- to pay back his lenders.

Mittal was presenting his creditors to pay simply zero.18 paise in exchange of each one pound of loan taken via him, the report had stated.

How Pramod Mittal went bankrupt

Pramod Mittal's downfall began with one crucial decision whilst he became the guarantor for a mortgage taken by way of GIKIL -- a metallurgical organization primarily based in Bosnia, of which he turned into the co-proprietor and head of the organization's supervisory board. In 2013, the enterprise was not able to repay the $166 million loan, following which Pramod Mittal, became pressured to clear the debt, which set him at the course to financial ruin.

but, the more serious was yet to come as Pramod Mittal, along side  different GIKIL officers, have been arrested in Bosnia in 2019 on fees of fraud. A yr later, in 2020, he become declared bankrupt in the united kingdom and declared that he had 0 earnings and relied on his wife and youngsters to pay his day by day costs.

additionally, Pramod Mittal additionally data-faces cash laundering costs in india in an alleged Rs 2,200 crore fraud kingdom trading agency (STC). Mittal is accused of 'criminal breach of consider' as he did not make bills as according to the phrases of the agreement with STC.

Spent Rs 550 crore on daughter's wedding

it is surreal to think Pramod Mittal as soon as spent a whopping Rs 550 crore on the marriage of his daughter Shrishti Mittal, who got married to Gulraj Behl, a Dutch-Indian investment banker, in Barcelona, Spain, in 2013.

extensively, Pramod Mittal had spent round 10 million kilos extra than what his elder brother lakshmi Mittal spent on his own daughter Vanisha Mittal's wedding in 2004.

In 2004, two decades earlier than the Anant-Radhika lavish wedding ceremony, the wedding of Vanisha Mittal -- the daughter of India's steel wealthy person, lakshmi Mittal -- with British-Indian businessman amit Bhatia, became etched into the report books for being the most high priced wedding ceremony in the international at the time.

The Vanisha Mittal-Amit Bhatia wedding ceremony is stated to have cost over Rs 240 crore with celebrations lasting for six days.