Who is Lalit Modi and what is his net worth?
LALIT Modi pioneered the Indian cricket league and made a name for himself with his scandalous life.
But who is he and what is his net worth?
Who is Lalit Modi?
Lalit Modi is an Indian businessman and former cricket administrator and a financial fraud fugitive.
He was born on November 29, 1963, in New Delhi, India.
Modi comes from one of India’s leading business families and is the elder son of Krishan Kumar Modi and Bina Modi.
His grandfather founded the Modi Group business conglomerate and Modinagar town.
He has studied at Shimla’s Bishop Cotton School and St Joseph’s College in Nainital.
After college he moved to the US and studied electrical engineering and business administration from 1983 to 1986.
He attended Pace University in New York and Duke University in North Carolina, however he didn’t graduate from them.
In 1985 he was arrested for charges of conspiracy to traffic cocaine, assault and second-degree kidnapping.
A judge suspended him for a two-year prison sentence and placed him under five-year probation.
He returned to India in 1986 and joined his family business.
What is Lalit Modi’s net worth?
As of July 2023, Modi’s net worth is estimated to be around £443.7 million ($570 million).
Modi inherited his fathers family business and launched a few business himself.
How did Lalit Modi make his money?
After returning to India to join the family business, he started to work at the International Tobacco Company Limited as president.
In 1989, he became Non-Executive and Non-Independent Director at Godfrey Phillips India and in February 1992, he was appointed the executive director until August 2010.
In 1993, Modi founded Modi Entertainment Networks (MEN), using money from a family trust.
Most of his businesses were not profitable, and he lived of his father’s money.
In 2002, he launched an online lottery business called Sixo.
Modi pitched a new 50-over tournament to the Board of Control for Cricket in India (BCCI), however his idea was rejected and he needed to put that on hold.
In 2005 he then became the president of the Rajasthan Cricket Association and the vice-president of BCCI.
However in 2010, he was suspended from his position at BCCI for money laundering and not following proper processes.
He also launched the Indian Premier League for cricket in 2008.
After his suspension he moved to London and expanded his family business in Europe.
In 2013 a committee banned him for a life from the BCCI.
Is Lalit Modi married?
In October 1991, Modi married Minal Sagrani.
She was the daughter of a Nigeria-based Sindhi Hindu businessman.
His wife died in 2018 due to cancer.
As of July 2023, he is dating Bollywood actor and Miss Universe 1994 Sushmita Sen.
Does Lalit Modi have children?
Modi has two children with Minal Sagrani.
His son Ruchir was born in 1994 and is he the director of Godfrey Phillips India Ltd, Modi Group’s flagship business.
And his daughter Aliya was born in 1993 and is the founder and creative director of AMRM International, which specialises in both residential and commercial spaces.