While the world’s richest man is in the headlines for ruthlessly firing employees, India’s richest man, Gautam Adani, is in the limelight for quite opposite reasons. . The billionaire is now winning hearts across the country for his big-hearted effort to save Manushree, a four-year-old girl who was diagnosed with a hole in her heart.
Adani, who is very active on Twitter, was trending on the micro-blogging platform when he penned a heartwarming message, assuring the toddler’s parents that she would be “back to school in playing with his friends. He also promised that the Adani Foundation (the corporate social responsibility arm of the Adani Group) will be in contact with the parents of the child and ensure that they receive sufficient funds for the treatment.
Adani’s post went viral on Twitter in no time. It garnered 31,000 likes and over 3,000 retweets. Internet users are full of praise for this generous gesture. One user wrote that “Such kind of kindness and good work from you will motivate more of us to do things like this in the future.” The user wished God bless Gautam Adani with more wealth for his “great work”. “It shows the reality of a great personality. Thank you from the bottom of my heart (sic),” another user commented. India’s EdelGive Hurun 2022 philanthropy list cited Adani as the seventh highest contributor in donations to charities and philanthropic causes. The Adani Foundation also spent Rs 122 crore to provide relief during the Covid-19 pandemic.
Manushree’s case rose to prominence on social media after the medical team at the Sanjay Gandhi Postgraduate Institute of Medical Sciences posted a message on social media and called on the general public to help the impoverished family raise money. funds for their child’s life-saving operation. The operation costs Rs 1.25 lakh and the parents of the child who live below the poverty line cannot afford it.
7 Indian billionaires who went from wealth to poverty
More money, more problems?
Amid an ongoing legal battle, streaming giant Netflix released all episodes of its highly anticipated documentary series ‘Bad Boy Billionaires’ on Monday, except for the one based on B Ramalinga Raju.
The release was made possible after a lower court in Bihar on Saturday overturned its own suspended release order for the web series. The docu-series that drew attention for its no-holds-barred portrayal of Indian businessmen who got into a run-in with law enforcement had sparked a lot of interest in the stories of Indian billionaires who had no exactly paid their debts and were long hounded by the agencies.
Here are 7 Indian billionaires, “bad boys” in their own right, who had to file for bankruptcy.
The king of “good times”
Indian businessman, former Rajya Sabha MP and former IPL franchise owner, Vijay Mallya has ventured into new fields, whether it’s sports, politics or the now defunct Kingfisher airline . Mallya, often known as the king of ‘good times’, isn’t exactly having a good time amid the Indian government’s efforts to extradite him from the UK and bring him criminal charges on Indian soil.
A group of 17 Indian banks are trying to raise around 9,000 crore rupees ($1.3 billion) in loans that Mallya is said to have channeled to get 100% or partial stakes in around 40 companies around the world. Multiple agencies, including the Income Tax Department and the Central Bureau of Investigation, are investigating Mallya on charges of financial fraud and money laundering.
On June 13, 2016, the Prevention of Money Laundering Act (PMLA) tribunal declared Mallya a “declared offender” at the request of the Directorate of Law Enforcement as part of its money laundering investigation. money against him in an alleged loan default case of Rs 9,000 crore.
Mallya lost her appeal in the UK High Court and asked SC to stop her extradition. However, it is said that he could be extradited in the coming months.
Billion Dollar Heist
Mehul Choksi, a fugitive businessman who currently lives in the island nation of Antigua and Barbuda, is wanted by Indian authorities for criminal association, breach of trust and money laundering. Choksi owned the Gitanjali Group, a jewelry retail company with 4,000 stores in India. An arrest warrant has been issued against him in the Punjab National Bank fraud case.
Choksi is suspected of collusion with two employees of the Punjab National Bank (PNB), the country’s second largest public lender, in an alleged $1.8 billion fraud.
A PMLA Designated Authority, in 2018, found 41 properties worth around Rs 1,210 crore, seized by the ED on behalf of Mehul Choksi and his associated companies, to be money laundering assets and ordered that their seizure continue.
A billion dollar heist, you bet!
The Fall of Satyam Computers
Satyam Computers, in the 90s, was a very successful IT company which finally collapsed and closed in 2015. Among the many reasons for this collapse, the former CEO of Satyam Computer Services, Ramalinga Raju, resigned of his role after his admission that he embezzled Rs 7,140 crore from the business.
Raju resigned from Satyam’s board after the Satyam scandal, admitting to falsifying revenues, margins and more than Rs 5,000 crore in cash balances as a company.
He confessed to accounting fraud to the tune of Rs 7,000 crore or $1.5 billion and resigned from Satyam’s board on January 7, 2009. Satyam was purchased by Tech Mahindra in April 2009 and renamed Mahindra Satyam.
On May 11, 2015, less than a month after being sentenced, Ramalinga Raju and all others who were found guilty were released on bail by a special court in Hyderabad. The bail amount for R. Raju and his brother was set at Rs 10,00,000/- and the other convicts were set at Rs 50,000/- only.
Diamond trading
Fugitive businessman Nirav Modi has been wanted by Interpol and the Indian government for criminal association, bribery, money laundering, fraud and breach of contract since August 2018. Modi is under investigation in a $2 billion fraud case at the Punjab National Bank.
After PNB filed a case against Modi and his partners for defrauding the bank of Rs 28,000 crore, the Central Bureau of Investigation (CBI) registered a case against Modi and the ED started investigating him. However, that’s not all. Modi was also sued by a California-based contractor for $4.2 million over two custom diamond engagement rings that turned out to be lab-grown diamonds.
Modi is believed to be living in the UK and is said to have sought political asylum in Britain. On June 8, 2020, the Prevention of Money Laundering Act (PMLA) court ordered the confiscation of nearly Rs 1,400 crore of Modi’s property.
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