News that Indian billionaire Gautam Adani’s empire faces U.S. fraud charges could not be timed worse for Indian Prime Minister Narendra Modi's economy.

Prime Minister Narendra Modi will find it increasingly difficult to distance himself from the latest controversy erupting around Gautam Adani, one of the world’s richest businessmen who’s widely seen as having close ties with the Indian leader.

Indian Prime Minister Narendra Modi's party said it had no reason to defend billionaire Gautam Adani on Tuesday following his U.S. indictment over alleged bribery to secure power deals in India. The main opposition Congress party has accused Modi and his Bharatiya Janata Party (BJP) of shielding Adani and stonewalling independent investigations into his dealings in the country,