Gautam Adani, who leads the Adani Group has faced a significant loss of his wealth this year.
His loss is the second largest after Elon Musk, the founder of Tesla, as per the Bloomberg Billionaires Index.
Adani’s wealth has dropped by $11.9 billion, bringing his total net worth to $66.8 billion, placing him 23rd on the list of the world’s richest people.
On the other hand, Musk has lost a much larger amount of $35.2 billion, which has reduced his total wealth to $397 billion.
Musk’s financial situation improved significantly in the past mainly due to the growing value of his companies.
Additionally, his leadership role in the Department of Government Efficiency (DOGE) under the administration of US President Donald Trump is another reason for his financial success.
As per the reports, Adani and top executives from Adani Green Energy have been charged in New York for allegedly being part of a massive fraud.
The prosecutors also accuse Adani Green Energy of raising over $3 billion through loans and bonds by making false statements.
Reports revealed that arrest warrants have been issued for Adani and his nephew, with US authorities seeking help from other countries to arrest them.
In response, the Adani Group has dismissed the allegations as “baseless” and stated that it will pursue “all possible legal remedies.”
