15
CYRUS POONAWALLA
$8.3 BILLION
SERUM INSTITUTE OF INDIA
AGE: 77
16
BAJAJ FAMILY
$7.6 BILLION
BAJAJ AUTO
17
SUNIL MITTAL
$7.2 BILLION T
BHARTI AIRTEL AGE: 60
18
NUSLI WADIA
$6.7 BILLION S
BRITANNIA INDUSTRIES
AGE: 74
19
MADHUKAR PAREKH
$5.75 BILLION S
PIDILITE INDUSTRIES AGE: 72
20
VIKRAM LAL
$5.7 BILLION T
EICHER MOTORS AGE: 76
21
VIVEK CHAAND SEHGAL
$5.5 BILLION
MOTHERSON SUMI SYSTEMS AGE: 62
22
BENU GOPAL BANGUR
$5.35 BILLION T
SHREE CEMENT AGE: 87
23
KUSHAL PAL SINGH
$5.3 BILLION
DLF AGE: 87
24
AJAY PIRAMAL
$5 BILLION
PIRAMAL ENTERPRISES
AGE: 63
25
ACHARYA BALKRISHNA
$4.8 BILLION T
PATANJALI AYURVED AGE: 46
26
M.A. YUSUFF ALI
$4.75 BILLION
LULU GROUP AGE: 62
27
SUBHASH CHANDRA
$4.7 BILLION T
ESSEL GROUP
AGE: 67
28
PANKAJ PATEL
$4.4 BILLION T
CADILA HEALTHCARE
AGE: 65THE LIST
SUP MORE THAN 10% TDOWN MORE THAN 10%
ÌNEW TO LIST 3 RETURNEEN
ot long ago, third-generation diamond
jeweler Nirav Modi’s glittering creations
were being launted by celebrities such as
Kate Winslet and Viola Davis. Modi is the most no-
table dropof from this year’s top 1 00. he jeweler’s
diamond empire crumbled this year when he was
accused of defrauding state-owned Punjab National
Bank to the tune of $2 billion, a charge he denies.
Modi let the country before the scandal became
public and an arrest warrant issued. Ater several
rumored sightings in various countries, Modi is
reportedly now in the U.K., where the Indian gov-
ernment is seeking his extradition.
Former billionaire Vijay Mallya, who owes
Indian banks around $ 1 .4 billion for loans to his
now-defunct Kingisher Airlines, is embroiled in ex-
tradition proceedings in a London court. he liquor
baron let for the U.K. in March 201 6, before the
banks could close in on him. Mallya issued a state-
ment in June bemoaning the fact that he’d become
the “poster boy” for bank default and “a lightning
rod of public anger.” He added, “I have made and
continue to make every efort, in good faith to settle
with the public sector banks.” he London court says
it will make its extradition decision on December 1 0.
Embarrassed by these scandals, the Narendra
Modi-led government passed a law in July targeting
the likes of Mallya and Modi (no relation to the
PM). Under the Fugitive Economic Ofenders Act,
anyone labeled an economic ofender risks having
his assets, in India and overseas, coniscated and
sold of to clear his debts. he law applies to cases
where the fraud amounts to more than $ 14 million.Meanwhile, a special court in Mumbai is seeking
to declare both Mallya and Modi as fugitive eco-
nomic ofenders. Mallya in his reply has denied that
he is one. Modi’s lawyer said his client would reply
on October 29. he Central Bureau of Investigation
and the Enforcement Directorate, a federal agency
tasked with investigating inancial crimes, are
looking to bring back 26 others under the new law,
including six women. (None feature in the top 1 00.)
While the well-of in India have enjoyed a
certain immunity in the past, they were spooked
by the arrest in 2014 of politically well-connected
businessman Subrata Roy of Sahara India Pariwar, a
group with interests in inancial services, educa-
tion, hospitality and property. Roy got into a tangle
with the stock market regulator for allegedly raising
money by issuing debentures without its approval
and was ordered to refund thousands of small
investors. Roy, who once owned the Plaza Hotel
in New Yo r k and has denied any wrongdoing, was
jailed for two years until 2016 for contempt of court.
He is now on interim bail and claims that 95 % of
Sahara’s debenture holders have been repaid.
Zuliquar Memon, managing partner at
Mumbai law irm MZM Legal, which specializes in
defending those charged with white-collar crimes,
commends the government for introducing the
tough, new law but says he isn’t certain how efec-
tive it will be. “he power to seize assets unilaterally
could provide the accused with their best defense,
that it is an unfair and biased legal system.” Modi
and Mallya are probably counting on that.
—Anuradha RaghunathanIndia’s Most Wanted
EXILED LIMBOANIRUDDHA CHOWDHURY/MINT VIA GETTY IMAGES; CHRIS RATCLIFFE/BLOOMBERG
OCTOBER 2018 FORBES ASIA | 73Nirav Modi Vijay Mallya