US bribery and fraud charges are a big test yet for India's Adani, one of Asia's richest men
Indian tycoon Gautam Adani, one of Asia’s richest men, may be facing his biggest challenge yet with an indictment by U.S. prosecutors for alleged fraud and bribery
NEW DELHI — Indian billionaire Gautam Adani, one of Asia’s richest men, may be facing his biggest challenge yet with an indictment by U.S. prosecutors for alleged fraud and bribery. But it’s unclear just how the case will affect his businesses and own future — as well as the Indian economy and government.
On Friday, shares in some of the Adani Group's companies began ticking back up after they plunged a day earlier following the announcement of the charges in New York. The stock prices of six of his 10 listed companies rose slightly, between 1% to nearly 4%.
Adani, a major power player in India perceived as close to Prime Minister Narendra Modi, was charged Wednesday with securities fraud and conspiracy to commit securities and wire fraud at a court in Brooklyn, New York.
The test for the tycoon and his multibillion dollar empire spawning everything from energy and ports to media and agriculture, comes just after the 62-year-old founder and his sprawling business empire had bounced back after losing more than $60 billion in market value in early 2023 following allegations of stock price manipulation and fraud by the short-selling firm Hindenburg Research.
It also raises questions about corporate governance and crony capitalism in India's economy, which Modi has vowed to make the world's third largest, intensifying scrutiny on the outsized influence of large, family-run conglomerates. Asia's richest man is another Indian billionaire, Mukesh Ambani of Reliance Industries.
Prosecutors allege that Adani duped investors in a massive solar project in India by
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