India’s Adani reclaims Asia’s richest mantle after scandal

India’s Gautam Adani once again became Asia’s richest man on Friday, according to Bloomberg’s index of the world’s billionaires, a year after allegations of market manipulation hit his group’s share prices.

Adani Group saw more than $150 billion wiped off its market value after a bombshell report by US investment firm Hindenburg Research accused it of “brazen” corporate fraud.

The founder of the family-owned conglomerate, the world’s second-richest person behind Tesla founder Elon Musk, saw his personal fortune plummet by about $80 billion.

But both Adani and his business have since recouped many of those losses as public scrutiny receded.

Read more: Adani Group companies to raise $2.57 billion

The Bloomberg Billionaires Index showed Adani’s net worth gained about $7.7 billion this week to $97.6 billion, narrowly eclipsing Indian tycoon Mukesh Ambani.

The two men are now respectively the 12th and 13th richest people in the world, according to the measure.

Shares of listed Adani Group companies rose this week after India’s top court rejected a petition seeking to widen the probe into the Hindenburg allegations, saying existing investigations by market regulators were sufficient.

“The judgment of the honorable supreme court shows that: Truth has prevailed,” Adani said on X, formerly known as Twitter, after the ruling.

Also Read: India’s regulator probes Adani offshore deals

“I am grateful to those who stood by us. Our humble contribution to India’s development story will continue,” he added.

Hindenburg, a short-selling investment house, not only tracks corporate wrongdoing, but also makes money by betting on falling stocks.

Adani denied the allegations of fraud documented in its report, last year calling it a “deliberate attempt” to damage the image of its group for the benefit of short-sellers.

Ahead of the report, Adani Group’s share prices had risen meteorically with its main listed unit soaring more than 1,000 percent in the five years to January 2023, funding a breakneck expansion of the conglomerate.

Its reach now covers a number of key sectors, including coal mining, renewable energy, ports and airports.

Adani is considered a close associate of Hindu nationalist Prime Minister Narendra Modi, a native of the state of Gujarat.

Opposition parties and other critics say their relationship helped Adani unfairly win business and avoid proper oversight.