Asia’s richest man Gautam Adani’s wealth has seen a significant decline after a US company was accused of fraud and other serious charges.
American short-selling company Hindenburg had said in a report on January 25 that Adani Group has been involved in stock market manipulation and accounting fraud scheme for decades.
The report also called Gautam Adani the biggest fraud in corporate history.
Since the report, the share prices of Adani group companies have fallen sharply, while Gautam Adani himself has lost billions of dollars.
American Journal Forbes According to Gautam Adani’s wealth has decreased by 20.4 billion dollars within 48 hours and the value of his assets has decreased from 119 billion dollars to 98.8 billion dollars.
Thus, he has reached the 4th to 7th position in the list of richest people in the world.
However, in Bloomberg’s Billionaire Index, Gautam Adani is currently in fourth place with $113 billion, but it is likely that he will be demoted there by the end of January 27.
On the other hand, the total value of Adani Group companies has also decreased by around 50 billion dollars.
The US company’s report detailed the Adani family’s offshore companies in several countries, including the United Arab Emirates, and claimed that these companies were used for corruption, money laundering and tax evasion.
On the other hand, Adani Group has indicated legal action against the American company, terming this report as misleading and baseless.
It should be noted that 60-year-old Gautam Adani owns several companies and has come to prominence in recent years.
A close relationship with Indian Prime Minister Narendra Modi is also believed to be the secret behind the success of Gautam Adani’s business empire.
During 2022, the shares of Adani Group companies had a record rise and their own wealth increased by more than 42 billion dollars.