How To Lose $150B Overnight

Gautam Adani was Asia’s richest man and known as a shrewd businessman who has a close, personal relationship with Indian Prime Minister Narendra Modi. In January, Hindenburg revealed corporate fraud by releasing a report on Adani Group that Hindenburg actually made a profit from. Now investors have bailed on Adani and it’s left huge redevelopment projects up in the air, which involves resettling a million people.

Adani has accused Hindenburg of launching a “calculated attack on India” and his finance chief compared it to a British colonial-era massacre. While Modi has been silent on the Adani scandal, India’s 2024 general election approaches and it remains to be seen whether this corruption will influence voters’ choices. What we do know is that Indian oligarchs need to be checked in on, regularly and intensely.

Host
Rajvi Desai

Producer
Stephanie Tangkilisan

Associate Producer
Manal Ahmed

Researcher and Writer
Rajvi Desai

Additional Researcher and Writer
Manal Ahmed

Director of Photography
Alison Boya Sun

Editor
Alan Pun

Post Production Coordinator
Skolastika Lupitawina

Editor-in-Chief
Keshia Hannam

Head of Production
Stephanie Tangkilisan

Animator
Alan Pun

Graphic Design
Samuel Kang
Fitra Pratama
Annie Zhao

Additional Archival Material
Getty Images
Hindenburg Research
Economic Times India
Adani

Additional Music
Life as We Make it by Olive Musique
Winds of Change by A-List Music