Demonetisation impacts billionaire club; Mukesh Ambani remains No 1

March 7, 2017

New Delhi, Mar 7: India’s richie rich club has shrunk by 11 people since the demonetisation last November, while Mukesh Ambani remains the richest Indian with a net worth of USD 26 billion, a study showed today. The country now has 132 billionaires with a net worth of USD 1 billion or more and the cumulative wealth of the ultra- rich people stood at USD 392 billion, according to Hurun Global Rich List India.

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Though there has been a fall in number of billionaires in the country since demonetisation, the aggregate total wealth of the ultra-rich people has increased by 16 per cent over last year, the report said. In the list of top 10 richest people Ambani is followed by the SP Hinduja & family, at the second position with a net worth of USD 14 billion, followed by Dilip Shanghvi, at the 3rd position with a wealth of USD 14 billion.

Others in the top 10 billionaires include, Pallonji Mistry at the fourth place at USD 12 billion, Lakshmi N Mittal (5th, USD 12 billion), Shiv Nadar (6th, USD 12 billion), Cyrus Poonawalla (7th, USD 11 billion), Azim Premji (8th, USD 9.7 billion), Uday Kotak (9th, USD 7.2 billion) and David Reuben and Simon Reuben at the 10th place with USD 6.7 billion. According to the report, since demonetisation on November 8, India lost 11 billionaires.

"India had a tough year because of disruptive government policies such as demonetisation drive. However, on a long term perspective, we do believe that such transparent currency economics will have a positive impact for the entrepreneurs," Hurun Report India Managing Director and Chief Researcher Anas Rahman Junaid said.

Among cities, Mumbai is the capital for India's super- rich as the city is home to 42 billionaires, followed by Delhi (21) and Ahmedabad (9). In terms of billionaire spread state wise, Maharashtra topped the list with 51 billionaires, followed by Delhi 22, Gujarat (10) and Karnataka (9). Vis-a-vis last year almost a third of the list has been replaced with 27 new additions and 31 dropouts.

E-commerce entrepreneurs Sachin and Binny Bansal dropped out of the Global Billionaires list, while Acharya Balakrishna of Patanjali is the wealthiest new face at the 29th position with a networth of USD 3.7 billion. Kiran-Mazumdar-Shaw is the only self-made woman billionaire with a wealth of USD 1.9 billion, the report added. Regarding billionaire outflow, the report said that 32 individuals migrated from India and UAE is the most preferred destination with 13 immigrants.

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News Network
December 4,2025

Udupi: A 40-year-old NRI from Udupi has reportedly lost more than Rs 12.25 lakh in an online investment scam operated through Telegram.

According to a complaint filed at the CEN police station, Leo Jerome Mendonsa, who has been working in Dubai for the past 15 years in computer accessories sales, maintains NRI accounts in Karkala and Nitte.

On November 12, 2025, Mendonsa was added to a Telegram group called Instaflow Earnings by unknown individuals. Users identified as Priya and Dipannita persuaded him to invest in “Revenue Tasks.” Initially, Mendonsa transferred Rs 1,100 multiple times and received the promised returns, encouraging him to continue.

On November 14, another user, Nishmitha Shetty, directed him to register on a website, digitvisionuoce.cc, and invest Rs 4 lakh in various shares. Over the next few days, he made multiple transfers totaling Rs 12,25,000, including Rs 50,000 via Google Pay, believing the scheme was legitimate.

After receiving the money, the alleged handlers stopped responding, and neither the invested amount nor the promised profits were returned.

The CEN police have registered a case under Sections 66(C) and 66(D) of the IT Act and Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), and investigations are ongoing.

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December 2,2025

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Udupi, Dec 2: A wave of regional pride is sweeping through Udupi district as Shagun S Verma Hegde, a talented Class 9 student from Christ King English Medium High School, Karkala, has been named the captain of the Indian National Team for the Under-15 Girls’ Volleyball Championship.

Shagun holds the unique distinction of being the sole player from Karnataka selected to represent the country in the prestigious international tournament. The championship, organized by the School Games Federation, is scheduled to take place in Shangluo, China, from December 3 to 13, where Shagun will lead the national squad.

A Remarkable Journey to the Top

Shagun’s selection is a testament to her dedication and exceptional skill on the court. Her journey included several rigorous rounds of selection:

•    She was the only player from Udupi district to qualify for the state-level selection camp.

•    Out of eight players from Karnataka who advanced to the national selection camp in Pune, Maharashtra, Shagun was the only one to secure a place in the final national squad.

•    The national camp saw participation from approximately 200 players, which was shortlisted to 23. Shagun not only made the final cut but was also ranked as the second-best player overall, solidifying her leadership role.

Shagun, who is the daughter of Sandesh Verma and Shruthiraj of Kallotte, Karkala, has trained under experienced coaches Santosh D’Souza, Jeevan D’Silva, Jairaj Poojary, and Ramesh. Her selection as the team captain has brought profound honour to her family, school, the Udupi district, and the entire state of Karnataka.

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News Network
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

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