One of the largest Indian groups, owned by Gautam Adani, the richest man in Asia, has been in the hot seat since the accusations of corruption revealed by Hindenburg Research. This young American speculative fund has caused this major player in the Indian economy to lose more than 100 billion dollars.
The Supreme Court of India will therefore launch an inquiry into what Hindenburg Research qualified for “ biggest scam in business history “.
Colossal debt
Gautam Adani, a close associate of Indian Prime Minister Narandra Modi, has, according to the American hedge fund, built his empire, valued at nearly 75 billion dollars, on a colossal debt. He reportedly benefited from loans from state-owned Indian banks, no doubt with a political boost, inflated his numbers and carried out opaque financial operations through tax haven Mauritius.
These allegations have caused a stir in India and to make things clear, the country’s Supreme Court will form a committee of five experts from different backgrounds: finance, law, management… This committee will investigate and submit his findings to the Supreme Court.
Investigation cooperation
The Adani conglomerate, which has interests in a number of industries including ports, energy, logistics, denied the charges and said it would cooperate fully with the committee’s investigation.
►Also read: The vertiginous fall of the Indian giant Adani