Pramod Mittal once one of the richest people in the world and the younger brother of steel tycoon Lakshmi Mittal has seen his fortunes crumble to dust. Known for his extravagant lifestyle and spending Pramod went bankrupt in 2020 with a London court officially declaring him insolvent. Today he depends on his family even for basic expenses. A Fall Of Pramod Mittal Pramod Mittal former chairman of Ispat Industries Limited (now JSW Ispat Steel) was once a prominent figure in the global steel industry. He was also famous for his lavish lifestyle highlighted by the extravagant Rs 550 crore ($70 million) wedding of his daughter Srishti in 2013. However a series of poor financial decisions and mounting debts led to his downfall. At the time of his bankruptcy Pramod owed over £130 million ($170 million) and had only £45 ($55) worth of personal assets in Delhi. Turning Point: GIKIL And Debt Trap The collapse of Pramod Mittals empire can be traced back to his involvement with a Bosnian coke manufacturing company GIKIL. As a guarantor for GIKIL’s debts Mittal was held accountable when the company defaulted on its loans. The financial strain escalated as GIKIL failed to repay a London-based steel trading company leading to legal and financial troubles for Mittal. In 2019 the situation worsened when Mittal and two other GIKIL executives were arrested in Bosnia on charges of fraud. Pramod Mittal’s Bankruptcy At the age of 68 Pramod Mittal declared bankruptcy and agreed to pay £2.5 billion ($3.2 billion) to his creditors to settle outstanding debts. This amounted to approximately Rs 24000 crore at the time. Despite the payment his financial condition remained dire with no personal income and minimal assets. Pramod Mittal VS Lakshmi Mittal While Pramod Mittal struggles to make ends meet his elder brother Lakshmi Mittal continues to be one of the wealthiest Indians. According to Forbes Lakshmi Mittal’s net worth stands at $15.5 billion making him a towering figure in the global business landscape. Pramod Mittal’s story serves as a cautionary tale about the risks of poor business decisions and unchecked financial guarantees. It underscores the importance of prudent decision-making and financial planning no matter how successful one might be.