Gautam Adani, the Indian billionaire and chairman of the Adani Group, has seen his net worth surge by $10 billion in just the past week. His current fortune stands at a staggering $70.3 billion, as per the Bloomberg Billionaires Index.

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Following a surge in wealth, Gautam Adani now occupies the 16th spot on the global rich list, making him the second Indian billionaire to crack the coveted Top 20. He joins fellow countryman Mukesh Ambani, who comfortably holds the 13th position with a net worth of a whopping $90.4 billion.

On Tuesday, Adani Group’s stocks surged by 20% following a report from the US International Development Finance Corporation (DFC), which determined that the accusations of corporate fraud against the conglomerate by Hindenburg Research were deemed irrelevant.

Reports indicate that the DFC scrutinised the accusations against the Adani Group before approving a loan for the conglomerate’s port project in Sri Lanka.

DFC has given a loan of $ 553 million i.e. more than Rs 4600 crore to Adani to build a container terminal in Sri Lanka. Before giving the loan, DFC has said that it has investigated the allegations of short seller firm Hindenburg and found them to be false.

A stock rally in firms owned by Gautam Adani added $5.6 billion to his net worth last week, according to Bloomberg.

Adani Group saw a wealth surge of over Rs 1.76 lakh crore in the last one week.

Meanwhile, the Supreme Court of India last week reserved judgement on PILs seeking a court-monitored probe into allegations by Hindenburg Research against the Adani group for stock market violations.

The Court questioned SEBI on safeguarding investors from market fluctuations. Allegations of inflated share prices caused a significant drop in Adani companies’ value, prompting petitions. The Court’s intervention stemmed from the stock market’s extreme volatility during the hearings.