Forbes recently claimed Vinod had a wealth of more than $US10 billion and other media outlets in India report he is the richest non-resident Indian in the world, but he was also a central figure in the allegations from the Hindenburg Research which claimed market manipulation and money laundering within the conglomerate.

The Hindenberg Report, which Adani has rejected, claimed Vinod Adani had controlled companies that moved billions of dollars within a series of companies in an attempt to increase share prices. Following the release of the report, Adani company share prices dived and wiped about $US70 billion from their market value.

But Adani produced a 400-page report rejecting the allegations from Hindenberg, which had taken up a short position in the company.

Bloomberg reported that Vinod had stepped down from the board of three companies associated with the Carmichael coal mine: Carmichael Rail and Port Singapore, Carmichael Rail Singapore and Abbot Point Terminal Expansion.

No reason has yet been given for the resignations, but Vinod Adani was not considered to be active in the management of the companies. The resignations also occurred just before India’s Supreme Court ordered an investigation into regulators that oversee the India based company. The Securities and Exchange Board of India were also investigating whether transactions were properly disclosed.

He also still retains a seat on the boards of the Singapore based Abbot Point Holdings.

Vinod is thought to be based in Dubai but maintains a low profile.

Adani owns the Carmichael mine through its operating company based in Brisbane, Bravus.

Bravus was seeking clarification of Vinod Adani’s removal from the three companies and had yet to respond to In Queensland.