Asia's richest man loses billions after corporate fraud charges

The accusation was made by American Hindenburg Research, which said that the Adani Group companies made improper use of tax havens and have excessive debt, which would put the Indian group's business in a "precarious financial situation". As of March 31, 2022, the Adani Group reported having gross debt of 2.2 trillion rupees, up 40% from a year earlier.