New Jersey: Asia’s richest Indian Gautam Adani’s wealth decreased by 20 billion dollars within 2 days. The significant decline in wealth comes after the US company was accused of fraud and other serious charges.
According to a report by American short-selling company Hindenburg, Adani Group has been involved in stock market manipulation and accounting fraud scheme for decades.
The report details the Adani family’s offshore companies in several countries, including the UAE, claiming that these companies are used for corruption, money laundering, and tax evasion.
Following the publication of the report, the value of the shares of the $50 billion-worth Adani Group of Companies fell precipitously, and Gautam Adani’s wealth decreased by $20.4 billion in just 48 hours. From 119 billion to 98.8 billion dollars, a decrease.