Yes, there was one Indian in the Top 5 Billionaires list as of February 2010 - Lakshmi Mittal was ranked 4th globally. The top five were Carlos Slim (1st), Bill Gates (2nd), Warren Buffett (3rd), Lakshmi Mittal (4th), and Lawrence Ellison (5th). This confirms that Indians were indeed represented in the top 5, making the statement True. The question tests knowledge of global wealth distribution.