I Own Nothing Now: Anil Ambani

On one hand India’s leading business tycoon Mukesh Ambani is becoming richer and richer with each day passing and at the other end, his younger brother Anil Ambani is left with nothing now.

Anil Ambani appeared before a UK Court in London via video conference on Friday over non-payment of loans to three Chinese banks. The total debts of Anil Ambani stand at $716,917,681 (Rs 5,281 crore) and to the UK Court, Anil said that he owns nothing as of now.

Shockingly Anil Ambani claimed that his expenses are being borne by his wife and even sold jewellery worth Rs 9 crore for the legal expenses. When the court asked about the fleet of luxury cars that he owns, the younger Ambani replied that they are merely media speculations. “I have never used a Rolls Royce car. Currently I have a used car and I’m leading a simple life,” said Anil.

The UK court also asked about the 12 million equity shares he owns in Reliance Innoventures but Anil Ambani claimed that the shares are worthless. Adding, Anil told the court that he had outstanding loans of Rs 500 crore to his mother and Rs 310 crore to his son Anmol.

Back in 2012, Anil Ambani took a loan of over $700 million for his Reliance Com from three Chinese banks which he provided personal guarantee to. Currently the company is in insolvency proceedings.