Gautam Adani was once India ‘s richest man and one of the richest people in all of the world. Now after a scathing report from a U.S based investment firm — he has lost billions from his once $100B net worth. In the 100 page report, a research company alleges that he is pulling off the corporate con of the century. A con so large that the report claims it involves fraud; stock manipulation, and financial mismanagement.
The report was penned by Hindenburg Research. In one page of the report, Hindenburg alleges that Adani has taken part in “brazen accounting fraud, stock manipulation, and money laundering” over the course of decades “with the help of enablers in government and a cottage industry of international companies that facilitate these activities.”
Much of his wealth is tied to his many companies according to Bloomberg. Bloomberg now reports that his wealth has dropped to $59B (which is still extraordinary) but the allegations continue to scare investors away.