Meet man who spent Rs 550 crore on daughter’s wedding, went to jail after going bankrupt, brother of billionaire

Many businessmen, who were once billionaires, went bankrupt in their life due to several reasons. Some had to depend on spouses and kids for daily expenses. One such person is Pramod Mittal, who was the chairman of Ispat Industries Limited (now JSW Ispat Steel). He was declared bankrupt in 2020 after paying 2.5 billion pounds (around 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 in June 2020 in a London court with a loan of over 130 million pounds to his name. In his bankruptcy filing, Mittal claimed that he had no personal income and the only property to his name at the time was worth a mere 45 pounds in Delhi.

Pramod, along with two other GIKIL officials, were also arrested in Bosnia in 2019 on charges of fraud. Pramod once consented to be a guarantor for debts of a Bosnian coke producer called GIKIL. His Global Steel Holdings signed to stand in as the guarantor to the debts of GIKIL and that’s when it all went caput. GIKIL could not make repayments to its steel trading guarantor firm in London. Today, his brother Lakshmi Mittal, is still among the richest Indians with a net worth of USD 15.5 billion, as per Forbes.

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