Gautam Adani is the second richest businessman not only in India but also in Asia. At the beginning of last year, American short seller Hindenburg Research made serious accusations against him. Now, before the end of the year, US prosecutors have brought forward very serious charges, including bribery. The special thing is that an American court even issued an arrest warrant against 7 people along with Gautam Adani.
Not only India but the entire world was amazed to see the growth of Gautam Adani in the last few years. In the year 2022, Gautam Adani had become the third richest businessman in the world with $150 billion. In such a situation, it is natural to argue about them. Where Gautam Adani’s development story connects. On the other hand, there were many stories about Gautam Adani controversies. Today let’s move on to the same pages where many stories about Adani’s surveillance are published.
From Taj Hotel to Hindenburg
Indian billionaire Gautam Adani, convicted in New York in a $265 million bribery case, is a first-generation business tycoon. Gautam Adani, Asia’s second-richest man and one of many trapped inside Mumbai’s Taj Hotel in 2008, faces a US arrest warrant and criminal sanctions on fraud and bribery charges. From electricity and ports to sugar and soybeans, the Adani Group’s combined market had suffered a loss of more than $150 billion. This story occurred when American short seller Hindenburg Research accused Adani Group of improperly using offshore tax havens. After a long struggle, Adani compensated 141 billion dollars. As it stands, the Adani Group’s market capitalization exceeds $141 billion.
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When wealth was lost
Gautam Adani, 62, a high school dropout, became the world’s third-richest businessman. His total wealth had reached 150 billion dollars. After the release of the Hindenburg report, a significant impact on Adani’s wealth was observed. According to the Bloomberg Billionaires Index, after net worth of $120 billion on January 23, 2023, Adani’s total net worth reached $37 billion on February 27.
After that, his business slowly returned to normal and he was again included in the list of the 10 richest people in the world and in the month of this year his net worth had exceeded 120 billion dollars. Currently, Adani’s total net worth has reached less than $175 billion. On November 11, he suffered a loss of more than $10 billion in his net worth.
Questions raised in Australia and Bangladesh
The story of Gautam Adani controversies was not just limited to Mumbai, Gujarat or the borders of India. Seen in other countries too. The group’s coal and power projects and other deals have been questioned in countries including Australia and Bangladesh; Indian opposition leaders have regularly used Adani to attack Prime Minister Narendra Modi’s government, citing Adani’s involvement in the Dharavi redevelopment. In which it was alleged that the government had benefited Adani by selling Dharavi land at throwaway prices. However, in this case the government and Adani have denied the allegations. ,
Adani and seven others agreed to bribe Indian government officials to obtain supply contacts that could generate $2 billion in profits over 20 years and develop India’s largest solar power plant, U.S. officials said Wednesday. However, Adani Group has denied all these allegations.
This is how the journey began
Born on June 24, 1962 in the city of Ahmedabad in the western state of Gujarat, which is also Modi’s home state, Adani left school at the age of 16 after completing the 10th standard. He founded Adani Group in 1988, starting with commodities trading. Gautam Adani himself expanded and expanded his business. He did not inherit any wealth. He belonged to a middle class family, which was dedicated to the clothing business. His wife’s name is Preeti Adani and she is a dentist. His two sons, Karan and Jeet, run many businesses of the Adani Group.
Who do we credit for the popularity?
According to people with direct knowledge of Gautam Adani’s business, he has a “very hands-on” style of running his empire, adding that his goal is to pass the business on to the next generation of the family when he turns 70. In interviews with local and foreign media, Adani has described himself as a shy person and has attributed his rise in popularity to the political attacks he has faced. Shortly after Donald Trump’s victory in the recent US election, Adani congratulated him on his victory on Twitter and wrote that his group will invest $10 billion in US energy and infrastructure projects. Therefore, there will be the possibility of generating 15,000 jobs in America.
