Diamond heir pleads poverty as he's told to pay his brothers $10 BILLION after 'hiding family's riches' in America's most expensive sibling squabble

A real-estate tycoon and heir to an Indian diamond empire who testified his businesses are worth 'zero' must pay a total of $10 billion to his brothers for keeping them out of the family business. 

On Thursday, a California jury ordered Haresh Jogani to pay $3billlion to his four estranged siblings. 

The same jury already found Jogani bilked his four brothers- Shashikant, Rajesh, Chetan and Shailesh- out of $7 billion for not living up to an oral agreement that divided the family's extensive real estate portfolio among them.

John Lee, Haresh's attorney, told DailyMail.com the judge didn't allow his client to provide an explanation when he testified earlier this week that his vast real estate empire was worth 'zero to negative.'

Lee said Haresh has amassed about $144.5 million in his diamond business and other investments. 

Haresh Jogani testified his vast real estate portfolio was now worth 'zero, negative' after a Los Angeles jury found he owed his four brothers $10 billion for cutting them off the family business

Attorneys for brothers Rajesh Jogani (left) and Chetan Jogani (right) said they are 'elated' after a jury found their other brother, Haresh, acted in 'trickery and deceit' in keeping billions of earnings to himself

He also had about $1 billion in his real estate investments, but with the recent judgment against him, the attorney said Haresh's real estate portfolio is now worth less than zero.

'We are obviously very disappointed,' Lee told DailyMail.com after Thursday's hearing. 'Unfortunately, the case was plagued with an incredible number of irregularities, including that he wasn't even allowed to talk about his current net worth.

Lee continued, 'Once you subtract [the jury's judgment] out, Haresh is far in the negative.'

Lee said they plan to appeal the decision.

Rajesh Jogani was awarded $450 million in punitive damages on March 7, 2023

One of the bothers, Shailesh Jogani, did not attend the five-month trial in Los Angeles and was not part of the punitive damages portion of the case. 

However, his attorney Larry Ecoff told DailyMail.com that Haresh refused to provide all the documentation to show just how many more billions of dollars could be hiding in other accounts, including foreign banks.

'He completely fabricated everything,' Ecoff said of Haresh's testimony. 

'During the course of the trial, it was pointed that [Haresh] was the greatest businessman alive and how he was responsible for the creation of this billions-of-dollars empire.

'But all of a sudden, during the punitive damages portion of the case, he basically said he's impoverished. There were a lot of factual misstatements.'

Haresh Jogani, who now must pay $10 billion to his four brothers, testified his real estate company has gone bust

The case has been dragging on for 20 years, with multiple claims filed by four of Haresh's brothers

The suit stems from Haresh buying about 2,600 of Shashi's units - which now include Sunset Pointe Apartments in Van Nuys - and hired his brother as a consultant, using his knowledge of the business to find other potential units

The sibling squabble began about 20 years ago when Shashikant filed the lawsuit against Haresh , who claimed he was the sole shareholder of the real estate companies the brothers operated in California, Nevada and Texas since the late 1960s 

The sibling squabble began about 20 years ago when Shashikant filed the lawsuit against Haresh, who claimed he was the sole shareholder of the real estate companies the brothers operated in California, Nevada and Texas since the late 1960s.

Over the years, the real estate portfolio grew into more than 170 apartment buildings and 17,000 units, mostly in the San Fernando Valley, California.

The five Jogani brothers- who range from 60 to 70 years old- have bee embroiled in the nasty lawsuit as far back as 2003 when Shashikant Jorgani sued brother Haresh for not living up to their oral agreement.

Haresh Jogani claimed he was the sole shareholder of the real estate companies, but the other four brothers claimed they held a nominal title on the properties as well.

However, a contract was never signed between the brothers.

Chetan Jogani, the youngest of the five brothers, paced the courtroom hallway on Thursday and was on the phone with family shortly after the jury awarded him $1.05 billion in punitive damages alone.

William Akerman, a forensic accountant, previously testified he was unable to assess just how much Haresh made in his real estate companies, assets, investments and trusts because Haresh did not provide 32 of his tax returns.

He said Haresh also has not turned over documents for his various bank accounts, including accounts in the United Arab Emirates and Israel.

'There was an indication that Haresh got $50 million in 2021 and $100 million in 2022, but how was that accounted for we don't know,' Akerman said. 'It might be right on front of me, but I haven't been provided documentation to find the trail.'

Yash Jogani, Chetan's son, said the family is happy to put the case behind them

Chetan Jogani rushed out of court on March 4, 2023

John Lee, Haresh's attorney, said his client plans to file an appeal

With Thursday's verdict, Rajesh Jogani was awarded $450 million in punitive damages and $1.5 billion for Shashikant.

Chetan's son, Yash, told DailyMail.com the case had weighed heavily on the entire family for decades, especially his grandmother, who is in her 90s.

'The family is very happy that we finally have closure,' Yash Jogani said. 'My grandmother is very happy that all of her sons got what they wanted and what they had agreed to. 

'It was really hard for my grandmother. The one thing she never wanted to see was her kids fighting.'

Peter Ross, Chetan's attorney, said the four brothers- Shashikant, Rajesh, Chetan and Shailesh - are grateful for the jury's decision.

The judge still has to decide how Haresh's vast real estate properties will be divided among the brothers, Ross said.  

'The clients are elated and feel grateful to the jury,' the attorney said. 'Justice has finally been served after 20 years. 

'Four of the five brother brothers have already come together, but there is always a chance for reconciliation.'