New Delhi — On Wednesday, Indian businessman Gautam Adani lost the title of Asia's richest man. In early January, not only was he the richest in Asia, he was the third-richest in the world and just a few billion shy of Elon Musk. But in the past week, Adani has dropped several places on lists of the world's wealthiest people kept by Forbes and Bloomberg. In a short span of less than 10 days, his personal fortunes have plummeted by close to $50 billion while his firms hemorrhaged around $100 billion in market value.
The reason? He's been accused of "pulling the largest con in corporate history" by a U.S.-based short seller, a research firm that bets against Adani's stock prices.
On Jan. 24, Hindenburg Research released a more than 100-page report, alleging that the Adani conglomerate has "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades."
The Adani Group calls the claims "nothing but a lie."
On Wednesday, shares of the Adani Group tumbled further as Bloomberg reported that Swiss investment banking company Credit Suisse has stopped accepting the Indian conglomerate's bonds as collateral. The conglomerate, on the same day, also called off a massive $2.5 billion share sale — in a move that further raised eyebrows from investors.
Hindenburg claims it has evidence of "brazen accounting fraud, stock manipulation and money laundering at Adani." It has raised concerns over the level of debt in the group's companies and alleges that the...
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