Gautam Adani and his family have built a vast fortune mining coal to fuel India’s fast-growing energy-hungry economy. Businesses in the conglomerate span industries including infrastructure, ports, data transmission, media, renewable energy, defense manufacturing, and agriculture. Adani’s net worth has skyrocketed nearly 2,000% in the past few years.

With a net worth of nearly $125 billion at the end of last year, Adani surpassed Amazon boss Jeff Bezos to briefly become the world’s second-richest man, according to the Bloomberg Billionaires Index. After last week’s losses, the Bloomberg index ranked him the seventh richest in the world with a fortune valued at $92.7 billion.

Hindenburg’s report said it judged the seven key Adani-listed companies to be «85% down, purely on a fundamental basis due to sky-high valuations.»

Hindenburg said his report, «Adani Group: How the World’s Third Richest Man Is Pulling the Biggest Scam in Corporate History,» was the result of a two-year investigation. He listed 88 questions that he invited the company to answer. Most of the allegations involved concerns about the group’s debt levels, the activities of its top executives, the use of offshore shell companies and previous fraud investigations.

Investors began dumping shares linked to Adani on Wednesday, wiping out about $48 billion in market value.

Over the weekend, Adani said he would go ahead with his sale of shares in Adani Enterprises as scheduled, even though the value of his shares fell well below the price range of the offer. On Monday, Adani Enterprises was trading at Rs 2,850 ($35), up 3.2% but well below the range of Rs 3,112-3,276 initially set for the offer that closes on Tuesday.

In its response to Hindenburg, the Adani Group said none of the 88 questions in its report were «based on independent factual or journalistic research.» He rejected numerous questions as unfounded, misleading or biased. In response to other questions, the group attached documents and data tables and said it had followed local laws.

Adani also dismissed concerns about its debt-led growth, saying that «Adani’s portfolio company leverage ratios continue to be healthy and in line with industry benchmarks for the respective sectors.»

In an interview with CNBC TV-18 on Monday, Adani’s chief financial officer, Jugeshinder Singh, said the group’s gross debt was $30 billion, $9 billion of which was from Indian banks.

Hindenburg said that only 30 pages in Adani’s response focused on the issues he raised and the rest consisted of court records, general information, company financials and «irrelevant corporate initiatives.» Adani did not specifically answer 62 of the 88 questions he had posed, he said.

On Thursday night, Jatin Jalundhwala, head of the Adani group’s legal department, said the group was considering taking legal action against Hindenburg. Hindenburg said he supported his report and would welcome legal action from the Adani group.