From sixth richest in the world to possible arrest: The fall of Anil Ambani

Indian billionaire Anil Ambani has spent years fending off creditors and suing critics of his debt-saddled business empire. But his moment of reckoning may have arrived, as he races to pay debts or face a possible jail sentence.

On Feb. 20, India’s Supreme Court said that the Reliance Group’s phone unit had disobeyed a ruling to pay about $77 million owed to the local subsidiary of supplier Ericsson AB, adding that the tycoon will personally face three months of jail unless the payments are made within four weeks. Ambani’s group said it will comply with the order and make the payments within the required time.

It’s an extraordinary fall for a man listed by Forbes magazine in 2008 as the world’s sixth-wealthiest person.