The business belongs to the family
Born into an influential business class family in Delhi, Lalit Kumar Modi was never a bright student but was actually a shrewd businessman. Lalit was born on November 29, 1963 in the house of Krishna Kumar Modi. His grandfather, Raj Bahadur Gujarmal Modi, was the founder of Modinagar, a town near Ghaziabad, and started Modi Enterprises. KK Enterprises had an empire worth billions. Lalit Modi completed his primary education from Bishop Cotton School in Shimla and boarding school in Nainital. However, he never liked learning. He was a very weak student.
A name associated with controversies
Lalit Modi’s name has been involved in controversies. In 1985, he was arrested for selling drugs at the university. He was later charged with assault with a deadly weapon and taken into custody. In the same year, Lalit Modi and another student were accused of kidnapping. However, his two-year prison sentence was suspended. Until 1992, Modi was the executive director of Godfrey Phillips India, one of India’s largest tobacco companies. Around 1991, he married his mother’s friend Meenal. He met Meenal while studying in America.
125 crore corruption allegation
Lalit Modi is accused of corruption of Rs 125 crores. This was when Lalit Modi was the IPL commissioner. In 2008, the media rights of the IPL were handed over to World Sports Group, but later a deal was struck between Multi Screen Media Limited (MSM) (now Sony Pictures) and World Sports Group (WSG). It was said in this deal that if MSM pays 425 crores. So they will cancel their media rights. After this, Multi Screen Media Limited paid Rs 125 crore and reportedly got the rights to World Sports Group. The BCCI secretary had said at that time that BCCI had no role in this. Lalit Modi himself brokered this deal using his influence. Lalit is said to have made a profit of 125 crores in this case.
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Property worth crores
Born in Delhi, Lalit Modi left India in 2010 and went abroad. There is a palatial luxury home in London. His bungalow in London is spread over 7000 square feet. Lalita’s bungalow has 8 bedrooms. Lalit pays a monthly rent of Rs 20 lakh for this bungalow. Lalit Modi has three Ferrari cars in his car collection, worth around 15 crores. According to media reports, Lalit Modi earns crores of rupees annually from his business. His net worth is around 12,000 crores. Out of this he has assets of around 4500 crores.
