Bad Boy Billionaires: India

[Saj]

This investigative docuseries explores the greed, fraud and corruption that built up — and ultimately brought down — India’s most infamous tycoons.

Anyone watched it? Thoughts on it?

 

[Bigboii]

Watched it and loved it

Great documentary

for next season they should get the Mehta guy his story is quite fascinating unlike here where all of them defaulted on loans and there wasn't any financial gymnastics type of fraud it was pretty straight forward

Also Stock change fraud always fascinate me so have my biases...

In Pakistan there's also cases of Rich businessmen not paying back loans but I don't think anything happened to them

 

[ahmedzee]

They should make one for Pakistan and expose the likes of nawaz sharif and zardaris who have made billions in a similar fashion, by looting.

Anyone sees how these corrupt frauds are living in London and are being protected. They are not even extradited back to India.

 

[Bigboii]

They should make one for Pakistan and expose the likes of nawaz sharif and zardaris who have made billions in a similar fashion, by looting.

Anyone sees how these corrupt frauds are living in London and are being protected. They are not even extradited back to India.

surprised that Sahara guy didn't go to London like all the other frauds

I think he was too much of Desh Bakht type guy maybe that was the reason

 

[Saj]

Where is Vijay Mallya now and does he still own Kingfisher?
At present Mallya is fighting extradition back to India from the UK.

He is accused of fraud and money laundering in India.

Of all his businesses, Mallya's name is most closely associated with now defunct Kingfisher Airlines.

The airline company, launched in 2005, proved to be his undoing, as its business model floundered in 2008, when a global recession and soaring fuel prices brought it to a grinding halt.

Facing heat from lenders following the collapse of the airline, Mallya fled to the UK in 2016.

Mallya has publicly offered to make good on his debts and said he has been doing so since 2016.

 

[Saj]

Where is Vijay Mallya now and does he still own Kingfisher?
At present Mallya is fighting extradition back to India from the UK.

He is accused of fraud and money laundering in India.

Of all his businesses, Mallya's name is most closely associated with now defunct Kingfisher Airlines.

The airline company, launched in 2005, proved to be his undoing, as its business model floundered in 2008, when a global recession and soaring fuel prices brought it to a grinding halt.

Facing heat from lenders following the collapse of the airline, Mallya fled to the UK in 2016.

Mallya has publicly offered to make good on his debts and said he has been doing so since 2016.

Still roaming around in London it seems.

 

[ahmedzee]

Still roaming around in London it seems.

Imran khan highlighted money being laundered to countries like england, and the inaction of authorities on it. Maybe the FATF greylist should include england too, as they are sitting on trillions of stolen money in their banks. I hope someone raises this issue.

India on the other hand should concentrate on this rather than Blacklisting pakistan on FATF. This directly affects them, including a common man in India.

 

[Gayle_Force]

Watched the documentary. Its really good and eye opening. To be honest the first two episodes especially make a song case against nationalizing banks.

In cases of Vijay Mallya and Nirav Modi the banks are as much to blame as the two individuals themselves.

Those loans should have never been extended to Vijay Mallya based on just financial projections. Also, assigning value to a brand, which is an intangible asset? which incompetent institution does that?

Also in Nirav Modi's case, how can Punjab National Bank have such poor checks and balances that an employee is able to issue $2billion worth of LoUs without taking any security.

Although the documentary does a good job exposing these billionaires, the real question it raises is how corrupt the banking system is in South Asia. I am sure these are just a couple of examples another are many more millionaires/billionaires out there who have taken advantage of this broken banking system.

 

[Giannis]

Watched the documentary. Its really good and eye opening. To be honest the first two episodes especially make a song case against nationalizing banks.

In cases of Vijay Mallya and Nirav Modi the banks are as much to blame as the two individuals themselves.

Those loans should have never been extended to Vijay Mallya based on just financial projections. Also, assigning value to a brand, which is an intangible asset? which incompetent institution does that?

Also in Nirav Modi's case, how can Punjab National Bank have such poor checks and balances that an employee is able to issue $2billion worth of LoUs without taking any security.

Although the documentary does a good job exposing these billionaires, the real question it raises is how corrupt the banking system is in South Asia. I am sure these are just a couple of examples another are many more millionaires/billionaires out there who have taken advantage of this broken banking system.

They most likely had connections inside the bank like friends or relatives..

 

[Giannis]

Imran khan highlighted money being laundered to countries like england, and the inaction of authorities on it. Maybe the FATF greylist should include england too, as they are sitting on trillions of stolen money in their banks. I hope someone raises this issue.

India on the other hand should concentrate on this rather than Blacklisting pakistan on FATF. This directly affects them, including a common man in India.

Exactly, people don't realize that a lot of First world countries that are the gatekeepers of the FATF are involved in money laundering and financing terrorism and pedophilia (Epstien, clinton etc), these countries are penalizing poor developing countries yet are invovled in hosting fugitives that have a higher kill count and have embezzled billions of dollars. FATF is a joke, it's just a tool to maintain the Anglo world order.

 

[Bigboii]

Exactly, people don't realize that a lot of First world countries that are the gatekeepers of the FATF are involved in money laundering and financing terrorism and pedophilia (Epstien, clinton etc), these countries are penalizing poor developing countries yet are invovled in hosting fugitives that have a higher kill count and have embezzled billions of dollars. FATF is a joke, it's just a tool to maintain the Anglo world order.

when another country win another major war they can replace the system for the time being this order will stay the way it is and there's isn't much we can about it unfortunately

 

[Gayle_Force]

They most likely had connections inside the bank like friends or relatives..

These are billions of dollars of loans. Any reputable financial institution would have these approved through strict underwriting with multiple levels of approvals. Even after approval loans of these size are looked after by a reputable legal firm.

I have not followed these cases closely but I believe Banks should have go through the same level of scrutiny as these billionaires.

 

[Giannis]

These are billions of dollars of loans. Any reputable financial institution would have these approved through strict underwriting with multiple levels of approvals. Even after approval loans of these size are looked after by a reputable legal firm.

I have not followed these cases closely but I believe Banks should have go through the same level of scrutiny as these billionaires.

In the indian subcontinent it doesn't matter, hell it doesn't even matter in the west as long you know the right people.

 

[gani999]

Where is Vijay Mallya now and does he still own Kingfisher?
At present Mallya is fighting extradition back to India from the UK.

He is accused of fraud and money laundering in India.

Of all his businesses, Mallya's name is most closely associated with now defunct Kingfisher Airlines.

The airline company, launched in 2005, proved to be his undoing, as its business model floundered in 2008, when a global recession and soaring fuel prices brought it to a grinding halt.

Facing heat from lenders following the collapse of the airline, Mallya fled to the UK in 2016.

Mallya has publicly offered to make good on his debts and said he has been doing so since 2016.

Mallya is still in the UK, fighting extradition. The Kingfisher Beer company is now owned by Heineken.

Mallya's biggest blunder was the acquisition of Air Deccan which was about to shut down due to huge losses. Mallya paid much more than the market value for it, solely to acquire its international operational rights. Kingfisher Airlines never recovered from that blunder.

 

[cricketjoshila]

Mallya is still in the UK, fighting extradition. The Kingfisher Beer company is now owned by Heineken.

Mallya's biggest blunder was the acquisition of Air Deccan which was about to shut down due to huge losses. Mallya paid much more than the market value for it, solely to acquire its international operational rights. Kingfisher Airlines never recovered from that blunder.

Mallya should have concentrated on his liquor empire. Both profit making.Both having leadership position in India. The breweries went to Heineken. United spirits to Diageo. United spirits owns RCB too. Plus he had assets like Mangalore fertilizer and real estate assets.

Deccan was profit making. Its said Mallya used his political connections to arm twist captain Gopi to sell Deccan.

 

[Slim]

This investigative docuseries explores the greed, fraud and corruption that built up — and ultimately brought down — India’s most infamous tycoons.

Anyone watched it? Thoughts on it?

Loved it, was a fantastic watch. Goes on to show how the rich exploit the loan system to fuel their desires. Also, the most common factor was that when these businessmen went overdrive on "expansion" is when they went wrong and things got out of control.

Also, Nirav Modi's jewllery is so BEAUTIFUL! That bracelet, damn man. I want to get it for my SO.

 

[gani999]

Deccan was profit making. Its said Mallya used his political connections to arm twist captain Gopi to sell Deccan.

While there may be some truth to Mallya using political connections to armtwist Captain Gopi, Deccan surely wasn't running profitably.

Air Deccan began with a bang as South Asia's first LCC and even ran profits for a while. But Captain Gopi's harebrained schemes of offering Rs. 1 tickets and other nonsensical ideas quickly resulted in Deccan running into losses.

 

[MP2011]

Also, Nirav Modi's jewllery is so BEAUTIFUL! That bracelet, damn man. I want to get it for my SO.

This is so true! Just loved that piece of jewelry!

 

[MP2011]

India on the other hand should concentrate on this rather than Blacklisting pakistan on FATF. This directly affects them, including a common man in India.

True. We do have absolutely misplaced priorities.

 

[MP2011]

for next season they should get the Mehta guy his story is quite fascinating unlike here where all of them defaulted on loans and there wasn't any financial gymnastics type of fraud it was pretty straight forward.

Also Stock change fraud always fascinate me so have my biases...

Is it Harshad Mehta you're talking about, the Big Bull?

A web series has just been launched on him, Scam 1992.

 

[Technics 1210]

I found Sahara to be the most cunning, but in terms of Season 2, unless you have the Ambani Brothers, the next series should focus on Amreekan Billionaire bad boys!

 

[Bigboii]

Is it Harshad Mehta you're talking about, the Big Bull?

A web series has just been launched on him, Scam 1992.

nice I would definitely watch it

 

[Bigboii]

This is so true! Just loved that piece of jewelry!

noticed people around him respected him?

didn't hear one bad word about him from his collogues and everybody just loved his work ethic, focus, dedication

He is the guy I was behind I wanted him to comeback stronger because imo profit, moneymaking wasn't his number one priority

Malaya was the ultimate rich mans son who clearly didn't get the hard knocks of life and is capable of making good decisions but his "flamboyant" nature leads him to making bad financial decisions

Sahara was a POS and deserves to rot in jail for eternity

 

[gani999]

Is it Harshad Mehta you're talking about, the Big Bull?

A web series has just been launched on him, Scam 1992.

Harshad Mehta LOL.

What that man allegedly made is peanuts compared to what subsequent scamsters have and are still amassing on a daily basis. There's just no comparison.

 

[Saj]

All 3 obviously have their own story to tell, but the Sahara episode was the saddest given that man literally robbed some of the poorest people in India. He stole from people who could barely earn enough to make ends meet.

 

[Bigboii]

All 3 obviously have their own story to tell, but the Sahara episode was the saddest given that man literally robbed some of the poorest people in India. He stole from people who could barely earn enough to make ends meet.

I felt no sympathy for him Zero

For every other guy it was black and white but for Sahara you just could not find one positive thing to say!

Other guys defaulted fled to London simple but he stayed in India, tried to bully Courts, Indian SEC, said his mother is sick and than attended a wedding
He was just arrogant and thought of himself as MR Untouchable (he is still out on bond I think)

but I am interested in what people thought of Modi guy?
cause I sympathize with him in some ways because unlike other guys he had a "vision" to put the Indian jewelry market on the map but of course how he did it was wrong...

 

[Bigboii]

Harshad Mehta LOL.

What that man allegedly made is peanuts compared to what subsequent scamsters have and are still amassing on a daily basis. There's just no comparison.

he caused the greatest damage to the Indian market tho..

 

[cricketjoshila]

All 3 obviously have their own story to tell, but the Sahara episode was the saddest given that man literally robbed some of the poorest people in India. He stole from people who could barely earn enough to make ends meet.

Sebi has 20kcr of Sahara in their accounts. They cant find depositors who deposited the money.

This was all black money it seems.

 

[DeadlyVenom]

I watched the first episode but couldn't watch anymore due to how angry it made me feel. This kingfisher guy robbed his own people and let his workforce starve. In western countries, when if a boss doesn't pay the workforce it is exceptionally cruel but there is a small safety net in the form of income support etc that will stop a person becoming totally destitute.

In Asia it can totally ruin the worker. This shameless guy was throwing parties while his workforce starved. Honestly made my blood boil

 

[MP2011]

Just finished it. Eagerly waiting for episode on Ramlingam Raju, disgraced ex chief of Satyam Computers.

 

[MP2011]

To me, most heart breaking episode was the one on that crook, Subrata Roy. He is so bloody shameless that even after gobbling thousands of crores of very poor investors he talks with such gall that he has done nothing wrong. And unlike the other 2 crooks, Mallya & Nirav, he is very much in India.

We like to play victim that we are not able to get those 2 extradited from UK to India. But what are we doing to Roy even when he is very much in India? Why was he granted parole in the first place?

I'm a die hard Indian cricket fan. Am so disheartened to see Indian team being associated with this fraud
for so many years.

 

[MP2011]

All 3 obviously have their own story to tell, but the Sahara episode was the saddest given that man literally robbed some of the poorest people in India. He stole from people who could barely earn enough to make ends meet.

Too see that old lady in the end trying to call Sahara office to enquire about her investments was so heart breaking. Imagine putting ourselves in her shoes!

 

[CricketCartoons]

Too see that old lady in the end trying to call Sahara office to enquire about her investments was so heart breaking. Imagine putting ourselves in her shoes!

all this happened under the watch of the golden boy raghuram rajan.

 

[Realromeo]

Vijay Mallya corrupted officials working at public banks(not something very difficult to do back home) and borrowed billions of dollars and then defaulted. He was nothing but a psychopathic, selfish ceo. His baby boy tried to best normalize his behaviour though lol.

 

[Saj]

Sebi has 20kcr of Sahara in their accounts. They cant find depositors who deposited the money.

This was all black money it seems.

But a lot of the names weren't documented correctly, so they knew all along that they were not going to ever return what people had paid in.

 

[Saj]

I wonder how many such fraudsters there are across Asia.

I'm certain Pakistan will have its fair share of such thieves.

 

[cricketjoshila]

But a lot of the names weren't documented correctly, so they knew all along that they were not going to ever return what people had paid in.

What i know is that most were fraudulent names and addresses. These were used to launder black money of politicians, political parties, businessmen etc.

Now ofcourse these people won't come to claim this money.

In couple of years, Sahara will get back the money as Sebi will not find the depositors.

 

[Technics 1210]

I wonder how many such fraudsters there are across Asia.

I'm certain Pakistan will have its fair share of such thieves.

Oh for sure.

Pakistani Bad boy billionaires list starts with:

Nawaz Shareef
Asif Zardari

 

[MP2011]

To me, most heart breaking episode was the one on that crook, Subrata Roy. He is so bloody shameless that even after gobbling thousands of crores of very poor investors he talks with such gall that he has done nothing wrong. And unlike the other 2 crooks, Mallya & Nirav, he is very much in India.

We like to play victim that we are not able to get those 2 extradited from UK to India. But what are we doing to Roy even when he is very much in India? Why was he granted parole in the first place?

I'm a die hard Indian cricket fan. Am so disheartened to see Indian team being associated with this fraud
for so many years.

https://www.ndtv.com/business/sahar...l-regulator-sebi-2327748?pfrom=home-topscroll

Subrata Roy Must Pay ₹ 62,600 Crore To Stay Out Of Jail: Regulator SEBI

The Securities and Exchange Board of India (SEBI) has petitioned the Supreme Court to direct tycoon Subrata Roy to pay ₹ 62,600 crore ($8.43 billion) immediately, or cancel his parole if he doesn't yield.
The markets regulator said the outstanding liability of the Sahara India Parivar group's two companies and the group's chief Roy stand at ₹ 62,600 crore, including interest, according to court filings seen by Bloomberg. Roy's liabilities have ballooned from ₹ 25,700 crore he was ordered to pay eight years ago.

The Supreme Court in 2012 ruled that Sahara group companies violated securities laws and illegally raised over $3.5 billion. The companies said monies were raised in cash from millions of Indians who could not avail banking facilities. SEBI could not trace the investors and when Sahara firms failed to pay up, the court sent Roy to jail.

“It is absolutely wrong demand by SEBI,” Sahara group said in an emailed statement on Thursday. SEBI has “mischievously” added 15 per cent interest and it is a case of double payment as the companies have already paid back the investors, according to the statement.

The Securities and Exchange Board of India (SEBI) has petitioned the Supreme Court to direct tycoon Subrata Roy to pay ₹ 62,600 crore ($8.43 billion) immediately, or cancel his parole if he doesn't yield.
The markets regulator said the outstanding liability of the Sahara India Parivar group's two companies and the group's chief Roy stand at ₹ 62,600 crore, including interest, according to court filings seen by Bloomberg. Roy's liabilities have ballooned from ₹ 25,700 crore he was ordered to pay eight years ago.

The Supreme Court in 2012 ruled that Sahara group companies violated securities laws and illegally raised over $3.5 billion. The companies said monies were raised in cash from millions of Indians who could not avail banking facilities. SEBI could not trace the investors and when Sahara firms failed to pay up, the court sent Roy to jail.

“It is absolutely wrong demand by SEBI,” Sahara group said in an emailed statement on Thursday. SEBI has “mischievously” added 15 per cent interest and it is a case of double payment as the companies have already paid back the investors, according to the statement.

Roy's case, which featured in Netflix series Bad Boy Billionaires, is among stories of fallen business tycoons in Asia's third-largest economy and India's efforts to go after the rich and famous who failed to pay their dues. Roy, who at different times owned an airline, formula one team, cricket team, plush hotels in London and New York, and financial companies, stayed in jail for over two years and is currently out on parole since 2016.

Roy has so far deposited over ₹ 15,000 crore, SEBI said in the court filing. The court has not yet decided when the case will be heard next.

 

[MP2011]

Considering how swiftly Arnab's case got a hearing in SC and how this case is stretching for years despite it impacting millions of our poor, makes you wonder about our legal system and its servitude to serve the mighty!

 

[Robbie]

Considering how swiftly Arnab's case got a hearing in SC and how this case is stretching for years despite it impacting millions of our poor, makes you wonder about our legal system and its servitude to serve the mighty!

Did u mean English legal system..?

 

[OMB]

Adani Group becomes 3rd Indian conglomerate to cross $100 billion in market-cap

Billionaire Gautam Adani's ports-to-energy conglomerate has become India's third group to cross USD 100 billion in market capitalisation with shares of four of its six listed companies soaring to an all-time high on Tuesday.

The total market cap of Adani Group's six listed companies at the close of trading on Tuesday was Rs 7.84 lakh crore or USD 106.8 billion, according to stock exchange data.

Adani Group is the third Indian conglomerate to cross the USD 100 billion market cap mark after Tata Group and Reliance Industries Ltd.

After starting out as a commodities trader in the late 1980s, Gautam Adani has over two decades built an empire that now spans from mines, ports and power plants to airports, data centre, city gas and defence.

In the last two years, his group has gained control of seven airports and almost a quarter of India's air traffic, made rapid strides in renewable energy capacity addition, won a contract to co-develop a port terminal in Sri Lanka and bought ports in India.

In recent weeks, the group has acquired astake in Gangavaram port, commissioned wind power plant in Gujarat, discovered natural gas reserves off the Mumbai coast, acquired solar projects, bought a power transmission project from Essel Infraprojects and signed a pact to develop 1 gigawatt of data centre capacity in India.

Adani Ports controls 30 per cent of the nation's port industry and has French energy giant Total as a partner in its renewable energy and city gas distribution business.

Adani Green is targeting 25 gigawatts of renewable capacity by 2025.

According to BSE data, Adani Enterprises closed at an all-time high of Rs 1,225.55 on the BSE on Tuesday, up 7.67 per cent over the previous day's close.

Adani Total Gas touched a record high of Rs 1,248 before closing at Rs 1,204.35, while Adani Transmission jumped 5 per cent to Rs 1,147 before settling at Rs 1,109.90.

Adani Ports gained 12.84 per cent to end at an all-time high of Rs 837.45.

Adani Power rose 5 per cent to Rs 98.40, while Adani Green Energy gained 2.2 per cent to Rs 1,194.55.

Except for Adani Green and Adani Power, the shares of other listed firms touched a record high.

Tata Group's current market cap is around USD 242 billion while RIL m-cap is at USD 171 billion.

Five of the Adani Group firms have a market cap of over Rs 1 lakh crore, while one -- Adani Power-- has an m-cap of Rs 37,952.28 crore.

https://www.business-standard.com/article/companies/adani-group-becomes-3rd-indian-conglomerate-to-cross-100-billion-in-m-cap-121040600984_1.html