A man who spent Rs 550 crore on his daughter's wedding went to jail on bad days. Now the wife is running the expenses.

Bankrupt Pramod Mittal: A man spent Rs 550 crore on his daughter's wedding but when his bad time came, he had to go to jail. Not only this, now they do not even have money to run their expenses.

Who is Pramod Mittal: Nothing can be said when the time changes. A man who spent more than Rs 550 crore on his daughter's wedding will go bankrupt in one stroke, it sounds a bit strange to hear, but it is completely correct. Yes, you may have heard about Pramod Mittal, who was once among the billionaires of the world. This story is of billionaire Lakshmi Mittal's brother Pramod Mittal. He went bankrupt a few years ago after repaying two and a half billion pounds (about Rs 24,000 crore at the time) to creditors. There isn't much information on the internet about what he's doing right now.

When Pramod Mittal became Britain's biggest bankrupt

Pramod Mittal, the younger brother of steel tycoon Lakshmi Mittal, was once counted among England's richest personalities. But his time changed so much that he became Britain's biggest bankrupt. Mittal, 68, was declared bankrupt by London's Insolvency and Company Court in 2020 with loans worth more than 130 million pounds. Mittal, who dominates the steel business, claimed to have a debt of 2,549,089,370 pounds. This includes his father's debt of more than 170 million pounds.

The report also revealed that he owes £1.1 million to his wife Sangeeta, £2.4 million to son Divyesh and £1.1 million to brother-in-law Amit Lohia. He said the value of his property at the time was £110,000 and claimed he had no personal income. He also said that Delhi has a property worth only 45 pounds in his name. At that time, British Daily reported that Mittal was offering his creditors a mere 0.18 paise in exchange for one pound he had received.

Mittal had also said at that time that I have no personal income. My wife is financially more independent than me. We have separate bank accounts. "Around £2,000 to £3,000 a month is my personal expenses are met by my wife and family," he claimed.

Where did the bad days begin?

Pramod Mittal became a guarantor for the loan of the metallurgical coke product company GIKIL in northern Bosnia. He was its co-owner and head of the supervisory board. He had given a personal guarantee for the loan of this company. This means that if the company is unable to repay the loan, then Pramod Mittal will have to repay this loan. That's how his bad day started. In 2013, GIKIL defaulted on its $166 million debt. After this, Pramod Mittal, being a guarantor, had to repay the loan. After this, he went on drowning in heavy debt.

In 2019, Pramod Mittal was arrested in Bosnia on charges of fraud along with two officials of his company. He is being investigated for money laundering in connection with the alleged Rs 2,200 crore fraud with the State Trading Corporation (STC) in India. It was alleged that Mittal committed "criminal breach of trust" as he failed to make payments as per the terms of the agreement with STC. He also claimed that other people are also paying the expenses under my bankruptcy process.

Lakshmi Mittal's brother Pramod Mittal married his daughter Srishti in 2013. At that time, media reports claimed that Rs 550 crore was spent on the wedding in Barcelona. Daughter Srishti is married to Gulraj Bahl, an investment banker of Dutch origin. It is worth noting that Pramod had spent 10 million pounds more than what his elder brother Lakshmi Mittal spent on his daughter's wedding. Lakshmi Mittal's daughter was married in the year 2004.