Indian tycoon Gautam Adani said his conglomerate is committed to “world-class regulatory compliance” after being indicted in the US on fraud charges and an alleged bribery scheme worth millions of dollars, his first remarks since the accusations surfaced. Adani, 62, is one of Asia’s richest men and perceived as close to Prime Minister Narendra Modi. He was thrust into the spotlight on November 20 when US prosecutors in New York charged him and seven of his associates with securities fraud, conspiracy to commit securities fraud, and wire fraud, as well as duping investors by concealing that his company’s huge solar energy project on the subcontinent was being facilitated by bribes. They were accused of allegedly paying or planning to pay about $265 million in bribes to government officials to help secure contracts and financing amounting to billions of dollars. Adani fraud allegations rock Indian Parliament as opposition demands probe into billionaire's firms “This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger. And every obstacle becomes a stepping stone for a more resilient Adani Group,” Adani said late Saturday at an awards ceremony in the northern Indian city of Jaipur. The businessman said roadblocks his group faces are “the price of pioneering.” “The more bold your dreams, the more the world will scrutinize you,” he said. “In today’s world negativity spreads faster than facts. And as we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance.” The Adani Group, in a statement last week, said the allegations by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green were baseless. Adani’s imprint across India’s economy runs deep. His group is the country’s largest operator of coal mines and largest infrastructure developer, operating several ports and airports, and employing tens of thousands of people. India's opposition protests billionaire Gautam Adani accused of US bribery, fraud Despite his fossil fuel roots, Adani has ambitions to become the world’s largest player in renewable energy by 2030. Analysts say a key factor in his meteoric rise over the years has been his knack for aligning his group’s priorities with those of the Modi government. His critics accuse him of crony capitalism and gaining preferential treatment from the state which has facilitated him winning governmental contracts. The group has repeatedly denied the accusation. The controversy has already affected Adani’s interests overseas. Kenya’s president on November 21 canceled multimillion-dollar deals with the Adani Group for airport modernization and energy projects. A Sri Lankan government spokesperson said earlier this week that it is reviewing projects to be implemented by the Adani Group in Sri Lanka. The group was set to invest over $440 million under a 20-year agreement to develop 484 megawatts of wind power in the northeastern regions of Sri Lanka and develop a terminal in the Colombo port. Bangladesh’s interim government is also reviewing an agreement under which the Adani Group supplies electricity to Bangladesh from a power project in India.

India’s Parliament was disrupted for a third day Thursday by opposition parties protesting the government’s silence over allegations against billionaire Gautam Adani, who was recently indicted in the U.S. for alleged fraud and a scheme to pay bribes. As Speaker Om Birla convened the powerful lower house of Parliament, opposition members shot up from their seats and crowded the aisles, shouting anti-government slogans. The Congress and other opposition parties have accused the government of Prime Minister Narendra Modi of protecting Adani, an Indian coal magnate. "I don’t appreciate the manner of protest,” Birla said, adjourning the session over the opposition disruptions. The session later resumed but was adjourned for the day with the deadlock between the government and the opposition continuing. Proceedings in Parliament's upper house were also adjourned, and the Congress party was unyielding in its stance. The opposition called for a joint committee to investigate Adani’s companies, which include agriculture, renewable energy, coal and infrastructure. Adani, 62, one of Asia’s richest men, was thrust into the spotlight last week when U.S. prosecutors in New York charged him a nd seven of his associates with securities fraud, conspiracy to commit securities fraud, and wire fraud. The charges allege that Adani duped investors in a massive solar project in India by concealing that it was being facilitated by bribes. The indictment outlines an alleged scheme to pay about $265 million in bribes to Indian government officials. ILO to launch new report highlighting wage trends, inequality today The Adani Group, in a statement last week, said the allegations by the U.S. Department of Justice and the U.S. Securities and Exchange Commission against directors of Adani Green are baseless. “The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty. All possible legal recourse will be sought,” the statement said. In the absence of a statement by the Indian government, Amit Malviya, the governing Bharatiya Janata Party’s IT head, also said in a post on the social media platform X that the U.S. charges are “allegations and the defendants are presumed innocent unless and until proven guilty,” which critics interpreted as a show of support by the Modi government for the Adani Group. The controversy has already affected Adani’s interests overseas. Kenya’s president canceled multimillion-dollar deals with the Adani Group for airport modernization and energy projects. Adani will also face scrutiny in Sri Lanka and Bangladesh. A Sri Lankan government spokesperson said earlier this week that it is reviewing projects to be implemented by the Adani Group in Sri Lanka. The group was set to invest over $440 million under a 20-year agreement to develop 484 megawatts of wind power in the northeastern regions of Sri Lanka and develop a terminal in the Colombo port. Masato Kanda elected ADB President, succeeds Masatsugu Asakawa “We are taking it seriously. The foreign ministry and the finance ministry are inquiring into it. We will take the decision according to the reports of both ministries,” spokesperson Nalinda Jayatissa said, Bangladesh's interim government is reviewing an agreement under which the Adani Group supplies electricity to Bangladesh from a power project in India.  

India's richest individuals have achieved a significant milestone, with their collective wealth surpassing $1 trillion for the first time, according to a report by Forbes. The combined net worth of the 100 wealthiest Indians now stands at $1.1 trillion, marking a more than twofold increase since 2019. This surge in wealth has been largely attributed to strong stock market performance, bolstered by investor optimism following Prime Minister Narendra Modi’s re-election to a third term earlier this year. The BSE Sensex index has risen by 30% over the past 12 months, contributing to the record-breaking fortunes of India's top earners. In the last year alone, these 100 individuals added $316 billion to their collective wealth, reflecting a 40% growth. Leading the Wealth Surge At the forefront of this wealth boom is Mukesh Ambani, chairman of Reliance Industries, who remains India's richest individual. Ambani’s fortune has swelled by $27.5 billion this year, bringing his total net worth to $119.5 billion.  Hot on his heels is Gautam Adani, head of the Adani Group, who has seen a remarkable recovery in his wealth following last year's scrutiny by Hindenburg Research. Adani’s fortune grew by $48 billion, the largest gain of any individual, placing his total net worth at $116 billion. Other notable names include Savitri Jindal, head of the O.P. Jindal Group, who has become the third-richest person in India with a net worth of $43.7 billion, an increase of $19.7 billion in the last year. Jindal’s rise has been fuelled by her group's expansion into sectors such as electric vehicles through partnerships with companies like MG Motor. Shiv Nadar, founder of HCL Technologies, ranks fourth with a fortune of $40.2 billion, while Dilip Shanghvi, the founder of Sun Pharmaceutical Industries, rounds out the top five with a net worth of $32.4 billion. Broader Wealth Gains The wealth surge has been widespread, with over 80% of the 100 individuals on the list experiencing an increase in their fortunes. More than half of these individuals gained at least $1 billion over the last year, and six people saw their wealth grow by more than $10 billion. The Mehta brothers, Sudhir and Samir of Torrent Pharmaceuticals, more than doubled their fortunes to $16.3 billion as their company positioned itself for growth in the healthcare sector. Meanwhile, newcomers such as B. Partha Saradhi Reddy of Hetero Labs and Mahima Datla of Biological E made their debut on the list, reflecting India’s burgeoning pharmaceutical and vaccine production sectors. The wealth threshold to secure a spot on the Forbes list rose to $3.3 billion this year, up from $2.3 billion in 2023. Consequently, 11 billionaires from the previous year dropped off the rankings. Historic Year for India’s Billionaires The year 2024 has been pivotal for India's elite, with their fortunes growing from $799 billion in 2023 to over $1.1 trillion. This wealth increase has been fuelled by a combination of market optimism and India's strengthening economic prospects, leading to a sharp rise in the fortunes of the country’s wealthiest individuals. The landmark achievement of India’s richest signals not just the success of individual business magnates but also growing confidence in the nation’s economic future, as investor sentiment remains buoyant and key sectors such as technology, pharmaceuticals, and infrastructure continue to flourish.

BNP Secretary General Mirza Fakhrul  Islam Alamgir on Tuesday termed unnecessary and uneven the government’s power deal with the Indian Adani Group, and said Bangladesh will be unable to reap benefits from the project. “The government has signed a power contract with India's Adani Group.  Everyone at home and abroad is saying that this is an unnecessary and unfair deal,” he said. If the deal is not revoked, the BNP leader said Bangladesh will have to pay money, but it won’t get much benefit. "Through these kinds of deals and projects, they (AL leaders) are plundering huge public money and amassing wealth abroad,” he observed. Fakhrul made the remarks while talking to reporters after placing a wreath at BNP founder Ziaur Rahman’s grave together with the leaders of Jatiyatabadi Jubo Dal’s newly announced full-fledged committee. Read more: Any move to hold polls under a partisan govt to be resisted: Fakhrul He said the Awami League government has no responsibility towards the people since it has usurped power using the state machinery. “The most serious matter is that there is no parliament to hold the government accountable.  There is a parliament that is not elected by people." The BNP leader alleged that the government has been looting money in a planned way by taking various unnecessary projects one after another and building assets in different countries by siphoning off ill-gotten money abroad since it came to power 14 years. He also said the government has been in a picnic mood while the country’s people have been going through serious ordeals due to unusual price hikes in daily essentials. "Since the government has no responsibility towards the people, they’re indulging in festivity. They’re today (Tuesday) holding a festival in President Abdul Hamid’s area,” Fakhrul observed. The BNP leader said the government does not want to admit that there is an economic crisis and inflation has reached an extreme level in the country.  “The common people of the country are now unable to buy rice.” Amid such a situation, he said the government’s plan to stop the operation of OMS is a terrible move. “They’ll sell rice and essentials through cards which can create another scope for them (AL leaders) to indulge in corruption.” Fakhrul said there is no alternative to continuing the ongoing movement to overcome the current situation of the country and the government’s misrule.  "We have started the movement.  In this movement, 17 of our leaders and workers were killed on the streets. We’ll surely establish a government of people by defeating the current fascist regime.” On February 22 last, BNP announced a 251-member full-fledged committee of the Jatiyatabadi Jubo Dal, the youth front of the party, with Sultan Salahuddin Tuku as the president and Abdul Monayem Munna as the general secretary.

Hindenburg Research, the financial research firm with an explosive name and a track record of sending the stock prices of its targets tumbling, is taking on one of the world’s richest men. Hindenburg is back in the headlines after last week accusing Indian conglomerate Adani Group of “a brazen stock manipulation and accounting fraud scheme.” It cited two years of research, including talks with former Adani senior executives and reviews of thousands of documents. The Adani Group has blasted the accusations, calling them “a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.” Nevertheless, Hindenburg’s scorching allegations have caused the fortune of Adani Group’s founder, Gautam Adani, to slide by nearly $47 billion in just over a week, according to the Bloomberg Billionaires index. Here’s a look at the firm behind all the movement: WHAT IS IT? Hindenburg says it specializes in “forensic financial research.” In layman’s terms, it looks for corruption or fraud in the business world, such as accounting irregularities and bad actors in management. Read: Adani cancels a $2.5 billion share offer after stock fraud allegations Hindenburg has even come to be known as Ponzi hunters in some circles, according to the Washington Post, which detailed how it helped bring down an alleged $500 million scheme that targeted Mormons. WHERE DID ITS NAME COME FROM? The firm says it sees the Hindenburg, the airship that famously caught fire in the 1930s to the cry of “Oh, the humanity,” as the “epitome of a totally man-made, totally avoidable disaster.” It says it looks for similar disasters in financial markets “before they lure in more unsuspecting victims.” WHO ELSE HAS HINDENBURG GONE AFTER? It’s perhaps most famous for a 2020 report on Nikola, a company in the electric-vehicle industry whose founder Hindenburg said made misleading claims to ink partnerships with top auto companies hungry to catch up to Tesla. Among its allegations, Hindenburg accused Nikola of staging a video to calm skepticism about its truck, one that showed the vehicle cruising on a road. Hindenburg said the video was actually just showing the truck rolling down a hill after getting towed to the top. WHAT HAS COME OF SUCH ACCUSATIONS? For Nikola, quick scrutiny from the government and investors. The company and its founder, Trevor Milton, received grand jury subpoenas from the U.S Attorney’s office for the Southern District of New York and the N.Y. County District Attorney’s Office shortly after Hindenburg released its report. The Securities and Exchange Commission also soon issued subpoenas to Nikola’s directors. Milton was convicted this past October of charges he deceived investors with exaggerated claims about his company’s progress in producing zero-emission 18-wheel trucks fueled by electricity or hydrogen. Read: Indian tycoon Adani hit by more losses, calls for probe And Nikola in late 2021 agreed to pay $125 million to settle SEC charges that it defrauded investors by misleading them about its products, technical advancements, and commercial prospects. WHAT DOES HINDENBURG GET OUT OF THIS? It can make money. In its Adani report, it said that it had taken a “short position in Adani Group Companies” through bonds that trade in the U.S. and other investments that trade outside India. It has made similar “short” bets against other companies it published unflattering reports on. A “short” trade is a way for someone to make money if an investment’s price falls. Afterward, if the price of a company’s stock or bonds falls because of the negative attention from the report, Hindenburg can profit. Such short sellers have been criticized for unfairly pushing down prices of stocks with potentially unfounded allegations. But proponents also call them a healthy part of a stock market, keeping stock prices in check and preventing them from running too high.

India has said it is not involved in any agreement between the Bangladesh government and Adani Power for procurement of electricity from the Indian conglomerate's plant in Jharkhand. "I don't have anything on that. I understand you are referring to a deal between a sovereign government and an Indian company. I am not aware of it. I don't even think we are involved in this,” said Indian Ministry of External Affairs Spokesperson Arindam Bagchi while responding to a question in a weekly media briefing in New Delhi on Thursday. The reporter referred to a media report that says the government of Bangladesh has sought a revision to the power purchase agreement (PPA) it signed with Adani Power Ltd for importing electricity from its thermal power plant in Jharkhand, India. Responding to another question, the spokesperson said as part of its larger neighbourhood-first strategy, India would like to see greater economic integration and inter-connection with its neighbours which assists their process of development. India wants its neighbouring countries to benefit from its economic growth through the strengthening of connectivity links and cooperation in the power and waterways sectors, he said. However, the spokesperson said, if some projects are not working for financial or economic reasons, he does not think it is a reflection on the relationship. “We will continue our efforts to bring our two countries closer through greater investment and trade linkages." Read more: Adani cancels a $2.5 billion share offer after stock fraud allegations  

NEW DELHI (AP/UNB) — Embattled Indian billionaire Gautam Adani said Thursday his conglomerate will review its plans for raising capital after calling off his flagship company’s $2.5 billion share offering following the loss of tens of billions of dollars in market value due to claims of fraud by a U.S.-based short-selling firm. Adani Enterprises canceled the share sale late Wednesday, citing “market volatility.” Stocks in the coal mines to ports empire sank after Hindenburg Research, which has a track record of sending stock prices of its targets tumbling, accused the group of “brazen” stock market manipulation and accounting fraud, among other financial abuses. The share sale was seen as a crucial test of investor confidence in Adani, whose net worth shot up about 2,000% in recent years as share prices for his listed companies soared. By the time trading closed Wednesday, Adani Enterprises was down by a whopping 28%. But the share offering had drawn nearly 51 million bids, exceeding the 45.5 million offered to the public. Stock in six of Adani’s other listed companies sank between 2% and 19%. Early Thursday, Adani Enterprises was down by 5%. Stocks in four of Adani’s other listed companies were down by 10% and two others sunk between 5% and 8%.In a video address Thursday, Adani said the decision to scrap the share offering was made “to insulate the investors from potential losses.” “For me, the interest of my investors is paramount and everything else is secondary,” he said. Adani Enterprises said in a statement that it would withdraw the transaction and return the money to its investors. The decision would not “have any impact on our existing operations and future plans,” it said, adding that the group’s balance sheet was “very healthy” with strong cashflows and secure assets. Adani made a vast fortune mining coal as energy-hungry India grew swiftly after its economy was liberalized in the 1990s. Adani companies operate airports in major cities, build roads, generate electricity, manufacture defense equipment, develop agricultural drones, sell cooking oil and run a media outlet. Hindenburg said it was betting against the group, accusing it of “pulling the largest con in corporate history.” It said it judged the seven key Adani listed companies to have an “85% downside, purely on a fundamental basis owing to sky-high valuations.” Most of the allegations involved concerns about the group’s debt levels, activities of top executives, use of offshore shell companies to artificially boost share prices and past investigations into fraud. It listed 88 questions for the group to answer. Adani Group dismissed Hindenburg’s allegations, and called its report a “calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.” On Sunday, it issued a 413-page report that rejected its questions, saying none were “based on independent or journalistic fact finding.” Adani’s response included documents and data tables. It said the group has made all necessary regulatory disclosures and abided by local laws. The stock losses on Wednesday cost Adani his title as the richest man in Asia and in India. Adani also slid from a ranking of being the world’s third richest man to the 13th as his fortune plummeted to $72 billion, according to Bloomberg’s Billionaire Index. Prior to the Hindenburg report, his net worth was about $120 billion.

India’s Adani Group, run by Asia’s richest man, has hit back at a report from U.S.-based short-seller Hindenburg Research, calling it “malicious”, “baseless” and full of “selective misinformation.” Shares in the conglomerate have suffered massive losses since Hindenburg issued its report alleging fraud and other malfeasance. On Monday, shares in some Adani companies recovered some lost ground. The flagship company, Adani Enterprises, gained 3.2% and Adani Ports & Special Economic Zone Ltd. added 3.3%. But shares in other Adani listed companies fell between 5% to 20%. Adani’s 400-page rebuttal issued late Sunday accused Hindenburg of attacking India and its institutions and of breaking securities and foreign exchange laws. Adani has also accused Hindenburg, which said it was betting against the group’s companies, of trying to derail a share sale originally expected to bring in about $2.5 billion. Read more:  “This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” Adani's statement said. In response, the Hindenburg firm denied the accusations and said Adani's response largely confirmed its findings and failed to address key questions. It said the group was trying to conflate its rise with the success of India itself. “We believe India is a vibrant democracy and emerging superpower with an exciting future. We also believe India's future is being held back by the Adani Group," Hindenburg said in a statement. “We also believe that fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world," it said. Read more: Adani’s 750 MW power to come to national grid in March: Nasrul Hamid Gautam Adani and his family have built a vast fortune mining coal to fuel energy-hungry India’s fast-growing economy. Businesses in the conglomerate span industries including infrastructure, ports, data transmission, media, renewable energy, defense manufacturing and agriculture. Adani's own net worth has skyrocketed nearly 2,000% in recent years. With a net worth of nearly $125 billion late last year, Adani surpassed Amazon boss Jeff Bezos to briefly become the world's second-richest man, according to Bloomberg's Billionaire Index. After last week's losses, Bloomberg's index ranked him seventh richest in the world with a fortune worth $92.7 billion. The report from Hindenburg said it judged the seven key Adani listed companies to have an “85% downside, purely on a fundamental basis owing to sky-high valuations.” Hindenburg said its report, “Adani Group: How the World’s 3rd Richest Man is Pulling the Largest Con in Corporate History,” followed a two-year investigation. It listed 88 questions it invited the company to answer. Most of the allegations involved concerns about the group’s debt levels, activities of its top executives, use of offshore shell companies and past investigations into fraud. Investors began dumping Adani-linked shares on Wednesday, wiping out some $48 billion in market value. Over the weekend, Adani said it would carry on with its share sale in Adani Enterprises as scheduled, despite the value of its shares falling well below the price range of the offering. On Monday, Adani Enterprises was trading at 2,850 rupees ($35), up 3.2% but well below the band of 3,112 to 3,276 rupees initially set for the offering which closes Tuesday. In its response to Hindenburg, the Adani Group said none of the 88 questions in its report was “based on independent or journalistic fact finding.” It rejected numerous questions as baseless, misleading or biased. In response to other questions, the group attached documents and tables of data and said it had followed local laws. Read more: Adani Group mulls suing US short-seller for fraud claims Adani also dismissed concerns over its debt-fueled growth, saying the “leverage ratios of Adani portfolio companies continue to be healthy and are in line with the industry benchmarks of the respective sectors.” In an interview with CNBC TV-18 on Monday, Adani's chief financial officer Jugeshinder Singh said the group's gross debt was $30 billion, out of which $9 billion was from Indian banks. Hindenburg said only 30 pages in Adani's response focused on issues it raised and the rest consisted of court records, general information, company financials and “irrelevant corporate initiatives.” Adani failed to specifically answer 62 of the 88 questions it had posed, it said. Late Thursday, Jatin Jalundhwala, head of the Adani group’s legal department, said the group was considering legal action against Hindenburg. Hindenburg said it stood by its report and would welcome legal action by the Adani group.