February 17, 2023: -Indian billionaire Gautam Adani’s immediate failure has sparked renewed scrutiny of the tycoon’s close connections with India’s Prime Minister Narendra Modi.

Adani is losing his crown as Asia’s wealthiest man in a few days. His fortunes unravelled after a short-seller firm Hindenburg Research reported in late January alleging fraud.

The fallout has reverberated all over global markets, and last week, MSCI slashed the weighting of four Adani products on the MSCI Emerging Markets Index.

India’s biggest industrialist has drawn the attention of the watchdog in the country, the Securities and Exchange Board India.

The markets regulator is launching an investigation into the blames made by Hindenburg against the Adani business empire.

The debacle lays bare the longstanding relationship between India’s super-rich corporate titans and the political elite.

Hindenburg’s report has sharpened the focus on the billionaire mogul’s close ties with Modi.

“Adani has pulled off this massive feat with the help of enablers in administration and a cottage industry of international organisations that facilitate these activities.

These corruption issues permeate multiple layers of government,” the report alleged.

In a rebuttal over 400 pages, the Adani Group is rejecting those allegations naming it a “calculated attack on India.”