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Gautam Adani, who leads the Adani Group, has faced even more drastic setbacks, with his wealth seeing a significant fall from $122.32 billion to $82.1 billion. His challenges have been compounded by a probe launched by the US Department of Justice into alleged bribery within his group. This investigation follows previous accusations of fraud against Adani, made by the short-seller Hindenburg Research, which he continues to deny.
Despite these setbacks for Ambani and Adani, the broader context of India’s billionaire landscape remains vibrant. The country’s 20 wealthiest individuals still managed to gain $67 billion collectively throughout the year, indicating that despite individual struggles, India’s economy is witnessing overall growth.