Bribery charges sweeps $15B off Asia’s richest man’s fortune

By Dat Nguyen November 21, 2024 | 06:47 pm PT

Chairperson of Adani Group Gautam Adani speaks during the Vibrant Gujarat Global Summit, at the Mahatma Mandir in Gandhinagar, Gujarat, India January 10, 2024. Photo by Reuters

Asia’s second richest man, Indian tycoon Gautam Adani, has seen his net worth plunging $15 billion Thursday after he was charged by U.S. prosecutors for bribery.

The chairman of Indian conglomerate Adani Group saw his wealth closing the day at $72 billion, down 15% from the beginning of the year, according to the Bloomberg Billionaires Index.

Adani has been indicted in New York for helping drive a $250 million bribery to Indian government officials to win solar energy contracts, and hid the plan from U.S. investors that they sought to raise money from.

A spokesperson for the Adani Group denied the allegations and said that all possible legal recourse will be sought.

"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations," the spokesperson said in a statement, as reported by Bloomberg.

Among Adani Group stocks, Adani Enterprises plunged 22.6% Thursday, while Adani Energy Solutions closed 20% lower.

Adani remains the second richest man in Asia behind oil tycoon Mukesh Ambani with a net worth of $94 billion.