This illustrated photo, taken in Krakow, Poland, on February 2, 2023, shows the Hindenburg Research website displayed on a laptop screen and the Adani logo displayed on a mobile phone screen.
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Gautam Adani, the billionaire chairman of India’s Adani Group, was indicted in New York federal court on Wednesday along with seven others for his role in a massive bribery and fraud scheme.
Shares in the group’s companies plummeted after the news broke. Adani Enterprises is one of the three largest conglomerates in the country. The company operates in multiple sectors including ports, airports, renewable energy and cement.
The latest developments come after the group spent much of 2023 trying to shake off accusations of accounting fraud and stock market manipulation brought by short-seller Hindenburg Research.
Here’s a timeline of Adani’s headlines over the past year, tracking the series of accusations and counter-allegations from the time the Hindenburg report was published until his indictment.
January 2023
At the beginning of last year, Hindenburg announced a short position in the Adani Group, accusing Adani of engaging in “blatant” stock manipulation and accounting fraud, calling it “the biggest scam in corporate history.”
After the report was released, Adani’s shares suffered a sharp sell-off, and Adani’s net assets plummeted by $6 billion overnight.
Group refutes Hindenburg corruption and fraud claims 413 pages of replycalled the latter report a “malicious combination of selective misinformation,” adding that it “always complies with all laws.”
Around the same time, Adani Enterprises launched a 200 billion rupee ($2.45 billion) secondary share sale, which was fully subscribed despite a short-selling storm.
March 2023 to May 2023
In March, India’s Supreme Court set up a six-member independent panel to investigate the allegations in the Hindenburg report.
In May, a court-appointed panel reportedly said its investigation into the Adani group had “drawn a blank”. Reuters.
December 2023 to January 2024
By the end of 2023, Adani Enterprises shares had recovered from the impact and ended the year with a modest 26% decline.
India’s Supreme Court announced in January that Adani Group would not be subject to additional investigation Beyond scrutiny from market regulators, it provides the group with significant relief.
then, adani took xexpressed gratitude to those who “supported” the group. “The truth has prevailed,” he wrote, adding, “We will continue to make our small contribution to India’s growth story.”
According to reports, Adani subsequently became Asia’s richest man again. Bloomberg Billionaires Index January.
August 2024
Hindenburg has released a new report accusing the chairman of India’s capital markets regulator of having a conflict of interest that hindered an in-depth investigation into fraud allegations.
The report said SEBI Chairman Madhabi Puri Buch and her husband had previously held offshore funds that were also used by the Adani Group. Both men have denied the allegations and said the reported claims are baseless.
November 2024
Adani and seven others were indicted in federal court in New York, accused of paying more than $250 million in bribes to Indian government officials to secure solar power contracts that could generate more than $2 billion in profits.
The 62-year-old self-made Indian billionaire has expanded his empire through deals and the support of Prime Minister Narendra Modi. Forbes. Modi has Opposition leader Rahul Gandhi accused Assisted Adani Group in securing contracts in Sri Lanka, India and Australia.
Adani currently ranks 18th on the Bloomberg Billionaires Index.
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