He was Asia's richest man before he lost billions in just over a week. The reason? He's been accused of 'pulling the largest con in corporate history.”
that Swiss investment banking company Credit Suisse has stopped accepting the Indian conglomerate's bonds as collateral. The conglomerate, on the same day, also called off a massive $2.5 billion share sale — in a move that further raised eyebrows from investors.
, who teaches economics at Ahmedabad University in Gujarat, India, says the Adani episode is"a major dent on the image of the group, and reputations are very important here."Indian businessman Gautam Adani shakes hands with Narendra Modi, the Gujarat chief minister at the time who would go on to become India's prime minister, at a summit on Jan. 13, 2011, in Gandhinagar, India.
A sign atop the Adani Group headquarters in Ahmedabad, India, on Wednesday. The crisis of confidence plaguing Gautam Adani is deepening, with the stock rout triggered by Hindenburg Research's fraud allegations erasing a third of the market value in his group's companies despite the completion of a key share sale.Hindenburg isn't exposing the alleged scam purely as a public service, however.
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