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 opposition parties demanded a probe on Thursday into allegations of wrongdoing by the Adani Group and said they would raise the issue in parliament.