Vijay Mallya To Michael Robert Milken, 8 Corrupt Billionaires Who Destroyed Global Financial System – News18

So many corrupt billionaires around the world dine out on salaries and bonuses that could support a lot of small nations and a lot of underprivileged people as well. They are responsible for contributing to the economic ruin of not just the entire nation but also the global financial system. From insider trading to shady dealings and other unlawful practices while heading a company, these billionaires were involved in almost every malpractice. This space compiles a list of those unscrupulous people-

Robert Allen Stanford: Once a prominent financier and cricket mogul, Allen Stanford was convicted of fraud in 2012. He operated an $8 billion Ponzi scheme and defrauded 18,000 investors. He is now serving a 110-year federal prison sentence in a Florida prison. According to the reports, his net worth was $ 2.2 billion before his conviction.

Michael Robert Milken– Michael has been nicknamed the Junk Bond King. It is because he had amassed hundreds of millions of dollars through questionable financial dealings involving high-yield bonds. He had also pleaded guilty to the charges. As of 2023, his net worth is $ 6 billion. It was $ 3.8 billion in 2022.

Vijay Mallya- Vijay Mallya, once a prominent businessman is at present fighting extradition from the UK. Mallya, who owes 17 Indian banks an estimated Rs 9,000 crore, is accused of fraud and money laundering in India. Popularly known as the king of good times, a consortium of Indian banks declared Mallya a wilful defaulter in 2016.

Elizabeth Holmes- Elizabeth Holmes founded a company named Theranos and became the youngest woman billionaire in 2014. Theranos claimed to provide accurate blood reports with the help of the latest technology. However, many loopholes in the technology were reported later and Elizabeth was sentenced to a 20-year prison sentence. But she is yet to serve this sentence.

Thomas Kwok- Hong Kong property tycoon Thomas Kwok was found guilty in a corruption case along with a government official Rafael Hui. He was found guilty of giving bribes in exchange for information on land sales between 2005 and 2007. He was sentenced to a 5-year prison sentence in 2014.

Eike Batista- Eike Batista, a Brazilian oil and mining magnate was sentenced to 30 years in prison in 2018 on charges of paying more than $16.5 million in bribes. He was the seventh richest man in the Forbes list compiled in 2012.

Gupta family- The Gupta family, including brothers Ajay, Atul, and Rajesh, are wanted in South Africa. They are wanted for their alleged roles in the looting of billions of rands (basic monetary unit of South Africa) from state enterprises. They are alleged to have used their proximity to former president Jacob Zuma to do this.

Nirav Modi- He is a fugitive Indian businessman who was in the business of luxury diamond jewellery. Modi is accused of defrauding the banks of Rs 11 Thousand crore. He was arrested from London in 2019 and his extradition request is pending there.