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Pramod Mittal, brother of industrialist Laxmi Mittal declared bankrupt

Pramod Mittal, brother of industrialist Laxmi Mittal declared bankrupt

Jaipur: Pramod Mittal, brother of Lakshmi Mittal, owner of ArcelorMittal, the world’s largest steelmaker, failed to repay his £ 130m debt and ultimately declared him bankrupt. Pramod Mittal had once spent 500 million rupees in his daughter Srishti’s wedding.

As reported by The Times, 64-year-old Pramod was a guarantor in lieu of several loans, but could not repay his debt after being implicated in a fraud case. There is a dispute between Lakshmi Mittal and Pramod over the father’s property. In such a situation, Lakshmi Mittal Pramod is not helping to get bail and repay the loan. However, before this, Lakshmi Mittal has helped her brother many times. Once he was saved from criminal action by giving financial help. Also, Pramod owed Rs 2,210 crore to the State Trading Corporation (STC).

Earlier in 2019, Pramod Mittal was arrested in Bosnia on charges of suspected fraud and misuse of power. The case was related to fraud with GIKIL, a coking plant in the northeastern town of Lukavas. Pramod was operating since 2003.

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