Meet man, an Indian, who spent Rs 550 crore at daughter’s wedding, went to jail, got bankrupt, his name is…

When we peak of great Indian wedding, one may directly associate with the opulent spectacle that the Mukesh Ambani’s son Anant Ambani-Radhika Merchant’s wedding was. A larger than life series of events, festivities and dreamy attires. Every family member was dripping in gold, diamonds and precious stones with suave up their sleeves. It is often conjectured that Mukesh Ambani and Nita Ambani spent thousand of crores at the wedding of their youngest son. There were series of pre wedding festivities event in Jamnagar, an international cruise and so much more. Did you know that there was another grand Indian wedding of another businessman who reportedly splurged about Rs550 crores at his daughters wedding and later landed in troubles.

This man was once ranked amongst richest Indian people but his fortune crumbled behind him. The name of the businessman is Pramod Mittal. His brother Laxmi Mittal is a business tycoon and wow one of India’s richest man. In 2020, London court had declared Mittal insolvent that led to his downfall.

About Pramod Mittal

Pramod Mittal was the former chairman of Ispat Industries Limited (now JSW Ispat Steel). He was rich and famous and led a lavish lifestyle. Reportedly, he had spent about Rs 550 crores at her daughter, Srishti Mittal’s wedding in 2013.

Ever since then, a series of ill thought decisions led to his downfall. London’s Insolvency and Company Court declared that he owed almost 130 million pounds debt and had only 55 million pounds worth assets. His involvement with a Bosnian coke manufacturing company, GIKIL landed him in load fraud case. He was held accountable over escalated failure of repayment of loan. In 2019, he and two other executives from the company were arrested in Bosnia.

Pramod Mittal’s story serves as a cautionary tale about the risks of poor business decisions and unchecked financial guarantees.

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