After accusations of fraud: Indian tycoon Adani is again the richest man in Asia

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The 61-year-old’s assets rose by $7.7 billion this week to $97.6 billion, according to the Bloomberg Billionaires Index. This put him just ahead of his wealthy compatriot Mukesh Ambani.

According to the financial news agency, the two men now rank twelfth and thirteenth among the richest people in the world. Before the scandal surrounding market manipulation allegations, Adani was the second richest person in the world, after Tesla boss Elon Musk.

The American company Hindenburg Research made accusations of fraud against Adani at the end of January last year: the CEO had invested money in his own shares through tax havens and thus artificially increased their price. Since then, Adani’s business empire has lost more than $150 billion, or more than half of its stock market value.

Adani Enterprises previously experienced an unprecedented rise. The stock price rose by about 1,000 percent in the five years before the allegations emerged. The case is also politically explosive because critics of Indian Prime Minister Narendra Modi suspect that Gautam Adani also owes this increase to personal connections with the Prime Minister, for example through preferential treatment in awarding government contracts.

Adani initially lost a large part of his private wealth due to the case, but was eventually able to make up for the losses. Shares of the Adani Group also rose sharply after the Indian judiciary this week rejected an expansion of the investigation into the so-called Hindenburg affair.

(SDA)

Source: Blick