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ASIA’S RICHEST MAN ACCUSED OF FRAUD, LOSES $50 Billion

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ASIA’S RICHEST MAN ACCUSED OF FRAUD AND LOSES $50 bn

Gautam Adani ,asia’s richest man had more than $20bn rubbed out of his net worth on Friday .Investors ran away from his companies after the fraud claims against Mr.Adani rose.

Gautam Adani and his associates have denied the claims and termed them as hostile but the Adani group’s statement towards the accusations has failed to calm down the heat against them.

India’s main opposition party has demanded an investigation against Mr.Adani .In addition ,Gautam Adani’s companies have lost close to $50bn in market value.

Shares also dropped by just about 20 % .Some of Mr.Adani’s other firms had crippled even further ,this caused trading to stop automatically in Mumbai.

In addition to that , globally Mr.Adani has recently dropped from his coveted position of being the third richest person in the world to become the seventh richest man in the world with an estimated net worth of approximately $96bn after going through the losses.

Mr Adani is a self-made business man who has built his fortune from investments in ports, airports, renewable energy and other industries. His wealth has risen greatly in the past years because the value of his shares increased

It is also knowm that Mr.Adani is a close ally of Indian Prime Minister Narendra Modi this makes Mr.Adani to recieve pressure from politicians of the opposition parties who claim that he has earned greatly from his political ties in the country.

Indian banks and insurance companies of the state have either invested in or loaned billions of dollars to companies linked to the Adani Group since he is rumoured to be at the heartbeat of India’s governance.

GAUTAM ADANI EARLY LIFE

Gautam Adani was born on 24 June 1962 to Shantilal Adani (father) and Shantaben Adani (mother) in Ahmedabad, Gujarat.He had 7 siblings. He is a school drop out and never completed his education.His father was a small textile merchant.He was educated at Sheth Chimanlal Nagindas Vidyalaya school in Ahmedabad. He enrolled for a bachelor’s degree in commerce at Gujarat University, but dropped out after the second year.Adani kept his eye on business but not his father’s textile business.

Gautam Adani is married to Priti Adani. The couple have two sons, Karan Adani and Jeet Adani. – By Denzel S. Ondijo

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