One of Asia’s richest men, Indian tycoon Gautam Adani, is again in the spotlight. In an indictment unsealed in New York, Adani, 62, was charged with securities fraud and conspiracy to commit securities and wire fraud.

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after U.S. prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Officials in Kenya have already canceled major contracts with Gautam Adani's companies, with funding for projects in other markets also facing potential impact.