Adani faces serious legal troubles after a rapid rise in business. U.S. authorities have indicted him in a $265 million bribery case. They accuse him of fraud and corruption. Once Asia’s second-richest person, Adani now faces a U.S. arrest warrant. These allegations could damage his reputation.
Adani’s empire spans power, agriculture, and renewable energy. Last year, its market value dropped by over $150 billion. Hindenburg Research accused the group of financial misconduct. They alleged improper use of offshore tax havens. The company denied these claims and recovered some value. Today, the group is worth $141 billion.
Prosecutors claim Adani, his nephew Sagar, and others paid bribes. They allegedly secured solar power contracts worth $2 billion in profits. Executives from Azure Power and CDPQ are also involved in the scandal.
Adani’s story reflects ambition and determination. Born in Gujarat, he came from a middle-class family. He left school at 16 and started in commodities trading in 1988. Unlike many billionaires, he built his wealth from scratch. His wife, Priti, and sons, Karan and Jeet, now help run the family businesses.
Adani’s success has also drawn criticism. Indian opposition leaders accuse the government of favoritism. They point to lucrative contracts, including a Mumbai slum redevelopment. Both Adani and the government deny these accusations.
Despite the challenges, Adani remains focused on expansion. He announced plans to invest $10 billion in U.S. infrastructure. This investment aims to create jobs. However, legal troubles threaten his legacy and future.
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