One of India's largest empires, Adani, plunged into turmoil.

• Gautam Adani, the head of India's Adani Group and one of the world's richest individuals, was charged with bribery and fraud in a massive scheme.
• A timeline of Adani headlines in the past year, detailing the allegations and counter-allegations that have emerged since the release of Hindenburg's report, culminating in his indictment.

On Wednesday, Gautam Adani, the billionaire chairman of India's Adani Group, was charged with bribery and fraud, along with seven others, in a New York federal court.

After following the news, Adani Enterprises, one of the country's top three conglomerates, experienced a decline in shares of its companies. The conglomerate has businesses in various sectors, including ports, airports, renewables, and cement.

The conglomerate has been trying to move past allegations of accounting fraud and stock market manipulation made by short seller Hindenburg Research since most of 2023.

A timeline of Adani headlines in the past year, detailing the allegations and counter-allegations that have emerged since the release of Hindenburg's report, culminating in his indictment.

January 2023

Last year, Hindenburg revealed its short position in Adani Group, alleging the company of "blatant" stock manipulation and accounting fraud, claiming it to be the "biggest fraud in corporate history."

Overnight, Adani's net worth dropped by $6 billion, and Adani-affiliated stocks experienced a significant decline in value.

The conglomerate refuted Hindenburg's allegations of embezzlement and fraud with a 413-page response, stating that the latter's report was a "malicious combination of selective misinformation," and asserting that it has "always been in compliance with all laws."

In spite of the short-seller storm, Adani Enterprises' 200 billion rupee ($2.45 billion) secondary share sale was fully subscribed around that time.

March 2023 to May 2023

An independent six-member panel is established by India's Supreme Court to investigate the allegations contained in the Hindenburg report in March.

In May, the court-appointed panel admitted that it has not made any progress in its investigation of the Adani group, according to Reuters.

December 2023 to January 2024

In 2023, Adani Enterprise shares had recovered from their decline and ended the year with a smaller decline of 26%.

The Adani Group received relief from additional investigations in January when India's top court ruled that the conglomerate would only be subject to market regulator scrutiny.

At the time, Adani expressed his gratitude to X, acknowledging that "truth has prevailed" and that their "humble contribution to India's growth story will continue.

In January, according to the Bloomberg Billionaires Index, Adani regained the title of the richest person in Asia.

August 2024

The chair of India's capital markets regulator was accused of having conflicts of interest that hindered a thorough investigation into fraud claims, as stated in a new report released by Hindenburg.

The report alleged that both SEBI chair Madhabi Puri Buch and her husband had previously held offshore funds that were also used by the Adani Group. However, both denied the accusations, stating that the report's claims were unfounded.

November 2024

In New York federal court, Adani and seven others were indicted for bribing Indian government officials in exchange for solar energy contracts worth over $2 billion in profits.

The Indian billionaire, who is 62 years old and self-made, expanded his empire through deals and the support of Indian Prime Minister Narendra Modi, as per Forbes. Modi has been accused by opposition leader Rahul Gandhi of aiding the Adani Group in obtaining contracts in Sri Lanka, India, and Australia.

Adani now stands in 18th place on the Bloomberg Billionaires Index.