Mumbai: Gautam Adani, an Indian billionaire and founder of the Adani Group, has once again secured the title of Asia's richest person, surpassing fellow tycoon Mukesh Ambani, according to the Bloomberg Billionaires Index. This development comes a year after Adani Group faced severe market setbacks due to allegations of corporate fraud and market manipulation, resulting in a significant plunge in its stock prices.

Following a report by US investment research firm Hindenburg Research accusing Adani Group of "brazen" corporate fraud, the conglomerate witnessed over $150 billion wiped from its market value. Gautam Adani, who was the second-richest person globally after Elon Musk, saw his personal fortune drop by approximately $80 billion.

Despite these challenges, Adani Group and its founder have managed to recover much of the losses. The Bloomberg Billionaires Index reported a $7.7 billion increase in Adani's net worth this week, reaching $97.6 billion. This places him marginally ahead of Mukesh Ambani. Currently, they are ranked as the 12th and 13th richest individuals globally.

Adani Group's listed companies experienced a surge in their stock prices after India's Supreme Court dismissed a petition seeking a broader investigation into the allegations by Hindenburg Research. The court maintained that existing investigations by market regulators were adequate.

In response to the court's ruling, Gautam Adani expressed gratitude on social media, stating, "The honourable supreme court's judgment shows that: Truth has prevailed. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue."

Adani has consistently denied the allegations of fraud outlined in Hindenburg Research's report, characterizing it as a "deliberate attempt" to tarnish the conglomerate's image for the benefit of short-sellers. Prior to the scandal, Adani Group's stock prices had experienced remarkable growth, funding an extensive expansion across various sectors such as coal mining, renewable energy, ports, and airports. Adani's proximity to Prime Minister Narendra Modi has raised concerns about potential preferential treatment, allegations that both Adani and Modi vehemently deny.