Indian billionaire Gautam Adani, a close confidant of Prime Minister Narendra Modi, is facing US fraud charges. Federal prosecutors have accused him of orchestrating a $250 million bribery scheme and hiding it to secure funds in the US. The Adani Group has seen a $34 billion drop in their market value on Thursday. There are concerns about how these charges will affect India’s business and political landscape. Mr. Adani is India’s largest private player in the power sector, and his global ambitions extend to coal mines in Indonesia and Australia.
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