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.

As Indian billionaire Gautam Adani faces U.S. indictment, the implications for his longtime support Prime Minister Narendra Modi's administration are significant — all the while raising concerns about India's sovereignty and the costs of protecting influential business allies.