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Mukesh Dhirubhai Ambani is an Indian businessman who is the chairman and the largest shareholder of the multinational corporation Reliance India Ltd. (RIL). Now, this is a long introduction but bear with us. In 1977, he joined Reliance Industries Ltd and started helping his father Dhirubhai Ambani. The business expanded into fields like petrochemicals, refining, retail, and telecommunications industries, Reliance Retail Ltd., a subsidiary that is the largest retailer in India and, Reliance Jio which was launched on 5 September 2016 has earned a spot in the country's top 5 telecommunication services.

Ambani has held the title of India’s wealthiest man in Forbes magazine for the past 10 years. In October 2020, Mukesh Ambani was ranked by Forbes as the 6th richest person in the world. In July 2018, with a $44.3 billion net worth, he surpassed Jack Ma, the executive chairman of Alibaba Group, and became Asia's richest person. Ambani is also the wealthiest in the world, outside Europe and North America.

In 2015, according to China's Hurun Research Institute, Ambani ranked fifth among India’s philanthropists. He, later on, became the first non-American to be on board of Bank of America when he was appointed as its Director.

He also owns the Indian Premier League franchise Mumbai Indians through Reliance and is also the founder of a football league in India called Indian Super League. Forbes named him one of the richest sports owners in the world in 2012. He also owns Antilia, one of the most expensive private residences in the world valuing $1 billion.

The question is, is it really hard-earned money, or were there loopholes which the Ambani family exploited that went unnoticed in the world's eyes.

It was that time when Aden (Yemen) was the second busiest trading and oil bunkering port in the world, after London handling over 6,300 ships and 1,500 dhows a year.

Officials in the treasury of the Arabian Kingdom in Yemen noticed something strange and hilarious happening to their country’s currency. The unit of money used, a solid silver coin called the Rial, started disappearing from circulation!

Inquiries found out that, an Indian clerk named Dhirubhai Ambani, who was barely in his twenties back then, had an open order out in a marketplace called 'souk of Aden for Rials available'.

Ambani discovered that the silver content value of the Rial was much higher than its exchange value against the British pound and other foreign currencies.

Soon after, he started buying Rials, melting them down and sold the silver ingots to bullion dealers in London. The profit margin was quite small, but it was money for jam. After three months Dhirubhai stopped, but he had made a few lakhs of rupees.

Let's fast forward a few years and come to the year 2021 where Ambani is no longer the richest man and talks about the manipulation of trades in Reliance Petroleum Ltd and the fine imposed on him by SEBI highlight the tip of the iceberg.

The Security Exchange Board of India on 1st January 2021 imposed a fine of 25 Crores on Reliance Industries and 15 Crores on its chairman, Mukesh Ambani for manipulating shares of RPL in the year 2007. It is said that the issue revolved around the manipulation during sale and purchase of RPL shares in November 2007. SEBI, in its 95-page order, said in November 2007, RIL and other closely related entities traded in RPL in cash and derivative segments to profit from it.

It was followed by RIL's decision in March 2007 to sell 4.1% of its stake in RPL, which was a listed subsidiary and was later on merged with RIL in the year 2009. Managing Director Mukesh Ambani was found responsible for unfair practices.

Another reason for Mr. Ambani’s situation would be the grave effects of the deadly coronavirus and the fall in prices of oil. This eroded around $5.8 billion from the RIL chief's net worth. The shares of RIL recorded their worst fall in around 10 years as they fell to a low of Rs 1,094.95 per share.

After the fall in its share price, Reliance India Ltd lost its proclaimed crown of highest market capitalization in India to one of its major competitors, Tata Consultancy Services (TCS). After the trade ended, market capitalization of RIL valued at 7.05 lakh crore came as a great shock to the investors and many lost money.





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