Billionaire who spent Rs 550 crore on daughter's wedding now left penniless

New Delhi (The Uttam Hindu): Pramod Mittal once among the richest individuals in the UK is now facing severe financial struggles. His life has drastically changed going from wealth and luxury to relying on his wife for daily expenses. Once drowning in a massive debt of Rs. 24,000 crore Pramod Mittal never managed to recover. His lavish lifestyle highlighted by his daughter Srishti Mittal’s extravagant Rs. 550 crore wedding in Barcelona in 2013 soon crumbled due to mounting financial problems and legal issues.

Mittal’s financial downfall began with a decision in 2013 when he provided a USD 166 million loan guarantee for GIKIL a metallurgical company in Bosnia where he was a co-owner. When the company failed to repay the loan Pramod Mittal was left to shoulder the burden which eventually led to his financial ruin. What began as a significant setback in 2013 snowballed into a full-blown financial collapse by 2020.

His troubles reached a breaking point when the London Insolvency and Companies Court declared him bankrupt with reports revealing that he owed £2.5 billion (over Rs. 24,000 crore). During the proceedings Pramod disclosed that his only property was in Delhi and that he had no personal income, relying entirely on his wife Sangeeta and their children for support. He had even borrowed money from his family members—£1.1 million from his wife, £2.4 million from his son and £1.1 million from his brother-in-law Amit Lohia.

The situation worsened in 2019 when he was arrested in Bosnia on fraud charges, along with two other GIKIL officials. His downfall marked by these legal battles was in stark contrast to his previous extravagant lifestyle particularly the lavish wedding of his daughter. This was a far cry from the lavish celebration thrown by his older brother Lakshmi Mittal for his daughter’s wedding in 2004 which cost around Rs. 240 crore.

Pramod Mittal’s once-wealthy life has now been replaced by a struggle to make ends meet. His current whereabouts and activities remain unknown as there has been no recent media coverage on him. Serves as a stark reminder of how quickly fortunes can change and how time no matter how powerful can transform a king into a beggar in the blink of an eye.