Gautam Adani’s net worth has nosedived by $12.3 billion to $57.5 billion within a day following the US court’s indictment order, according to the Forbes report. The Adani Group’s chairman and his nephew, Sagar Adani, have been charged in a bribery scheme by the court on November 20. Following the indictment, Adani Green Energy has canceled the proposed $600 million bond sale after the US court indictment on Thursday.
US Court’s Case Against Gautam Adani
Gautam Adani and his seven associates are accused of bribing Indian officials to obtain solar energy contracts in the US and making misleading claims to raise funds from international investors for the conglomerate’s renewable energy company on Wednesday. The court in its indictment order has issued an arrest warrant for Adani and his nephew, which is likely to be carried out by foreign law enforcement.
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After being under the radar of American short seller Hindenburg Research for nearly two years now, the Adani conglomerate has come under the scrutiny of US court. Last year, the short seller published a report titled ‘Adani Group: How the World’s 3rd Richest Man is Pulling the Largest Con in Corporate History’.
The court’s indictment has come just days after Gautam Adani announced his big business move to invest in US energy security and resilient infrastructure spheres. In a congratulatory post for the US President-elect Donald Trump for his 2024 presidential election win, Adani said the conglomerate plans to invest $10 billion and help in the creation of nearly 15,000 jobs in America.
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“Congratulations to @realDonaldTrump. As the partnership between India and the United States deepens, the Adani Group is committed to leveraging its global expertise and invest $10 billion in US energy security and resilient infrastructure projects, aiming to create up to 15,000 jobs,” said Adani on X.
Gautam Adani’s Net Worth Dips
The chairman of ports-to-power multinational conglomerate Adani Group is the second richest man in India. According to the Bloomberg Billionaires Index, Adani is the 18th richest person in the world with a net worth of $85.5 billion as of November 19, 2024. His net worth has dropped significantly in a month’s time from $97.2 billion to $85.5 billion.
Adani ventured into the business sphere as a diamond sorter in his late teens and since then has expanded into multiple sectors, including ports, mines, infrastructure, power, city gas, renewable energy, cement, real estate and media. The Group manages nearly 13 seaports and seven airports in India.
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