Indian billionaire Gautam Adani, one of Asia’s richest men, may be facing his biggest challenge yet with an indictment by U.S. prosecutors for alleged fraud and bribery. But it’s unclear just how the case will affect his businesses and own future — as well as the Indian economy and government.

Now, the 62-year-old Indian billionaire and a close ally of Prime Minister Narendra Modi, whose sprawling $169bn empire spans ports and renewable energy, faces US fraud charges that could potentially jeopardise his ambitions at home and abroad.

US bribery charges against Indian billionaire Gautam Adani have ensnared one of Canada’s largest public pension managers, deepening its embarrassment over a renewable-energy investment that went sour.