In the span of just 10 dramatic days, Gautam Adani — a self-made Indian billionaire with a sprawling business empire — saw more than half of his fortune vanish. Here's what happened.
In recent days, protesters and members of India's Congress Party have been demanding an investigation into allegations of fraud and stock manipulation by the country's second-largest business conglomerate, the Adani Group.
The Adani Group has vehemently denied the allegations, but the crisis engulfing India's second-largest conglomerate keeps deepening — both economically and politically.In late January, New York-based Hindenburg Research took investors by surprise andaccusing the Adani Group of "brazen" accounting fraud and stock manipulation, deeming it "the largest con in corporate history.
"The Group has always been in compliance with all laws, regardless of jurisdiction, and maintains the highest standards of corporate governance," chief financial officer Jugeshinder Singh said in a video published Jan. 25 on YouTube. Gautam Adani, 60, is the founder and chair of Adani Group. Until this market rout, he was the world's third-richest person.
Protesters shout slogans during a rally against Gautam Adani in New Delhi, India, on Monday, demanding an investigation into his troubled Adani Group. Hazari echoed that sentiment, saying that when the company involved is seen as too close to the governing party, then it's the regulator's duty to speak out.
Some protesters scaled police barricades and were detained, while others burned suitcases plastered with images of Adani and Modi.
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