Rajat Gupta

While some Indians make it to the world’s richest list, some kings have lost their crown to bad times. From announcing blockbuster reforms to inflation hawks, these men have rocked our financial world.

Image via Getty Images

In 2012, insider trading was a term that got synonymous with former McKinsey managing director Rajat Gupta, who leaked inside information to hedge-fund manager Raj Rajaratnam.

Interestingly, Gupta liked to quote a verse from the Bhagvad Gita every time he addressed the students of Indian School of Business, which spoke about work ethic. As a teenager he lost both his parents, moved into IIT Delhi, then into Harvard, and at 45 became the first Indian-born chief of a US international corporation.

But that was the beginning of the end of the fairy tale for Gupta.

Gupta met Raj Rajaratnam through a common friend and in 2003, the duo started investing millions of dollars in Asian private equity funds that Gupta helped to start. In 2011, Gupta was convicted in Manhattan federal court for leaking Goldman Sachs boardroom secrets to Rajaratnam, who was implicated in a US government crackdown on insider trading over the past four years.

Gupta was sentenced to two years in prison in October this year, by a judge who described his actions as "disgusting" and "a terrible breach of trust."

The Wall Street titan was also ordered to pay a $5 million fine.
  • Narendra Modi

    Narendra Modi

    From shaking up the very foundations of the Indian government to stirring up unseemly controversies, from showing incredible courage in the face of extreme adversities to losing a reputation built over years of hard work in just a blink of an eye, from setting the electoral hustings afire with golden speeches to getting into trouble for not speaking at all, there were many 'newsmakers' in 2012 who caught the common man's imagination. Some made it for stellar reasons, others for all there is wrong with the society. Here are 12 'newsmakers' that deserve a mention. More »

  • Kutch, Gujarat

    Kutch, Gujarat

    Trying to pick twelve travel destinations in India is a little like choosing the twelve best feathers on a peacock’s train, but pick we must. The most dramatic phenomenon we’ve observed in 2012 is the rising number of Indians choosing their own country for a great holiday. At one end of the spectrum, they are hitchhiking and backpacking. At the other they are patronising the most luxurious hotels and resorts once reserved for tourists brandishing wads of foreign exchange. Keen to experiment, they are experiencing everything from scuba-diving to cycling. Many are taking to wildlife and landscape photography with a passion. Here’s our selection of the 12 most captivating Indian holiday destinations of 2012. Feel free to argue but, most importantly, get up and pack! More »

  • Tendulkar’s 100th century

    Tendulkar’s 100th century

    Like any other year, this one too had its highs and lows, moments that captured the imagination for contrasting reasons. Here's a lowdown on what happened in the world of cricket in 2012. More »

  • Coalgate scam

    Coalgate scam

    It was an eventful year in the world of finance and business, one that actively involved all three actors: the government, people and even the common man. From violent employee agitations to controversial reform proposals and volatile economic indicators, we compile the twelve defining news events of 2012. More »

  • Aishwarya Rai-Bachchan

    Aishwarya Rai-Bachchan

    There was seldom a day which passed by without these celebs hogging the limelight. Here’s what they did More »