Gautam Adani Indicted in New York for $250M Bribery Scheme
Indian billionaire Gautam Adani, the chairman of the Adani Group, has been indicted in New York on serious fraud charges linked to a massive bribery scheme. The U.S. Department of Justice accuses Adani and several executives of orchestrating a plan to pay over $250 million in bribes to Indian government officials to secure lucrative solar energy contracts, projected to yield more than $2 billion in profits over two decades.
The indictment reveals that Adani, 62, and his co-defendants misled investors and banks to raise over $3 billion in capital, all while concealing their involvement in corrupt practices. U.S. Attorney Breon Peace stated that the defendants “orchestrated an elaborate scheme” that undermined the integrity of financial markets.
Under investigation since 2022, the case emerged following allegations of fraud against Adani and his companies from the financial research firm Hindenburg Research, which claimed the Adani Group engaged in stock manipulation. In response, Adani denied the accusations, labeling them as baseless.
The Securities and Exchange Commission (SEC) filed parallel civil charges against Adani and his colleagues, seeking penalties and sanctions for violations of antifraud provisions. The SEC stated that Adani Green Energy Ltd. raised substantial funds based on misleading representations about its anti-bribery compliance.
Adani’s enterprises have seen their market value plummet amid these developments, with significant drops in stock prices following the indictment. The charges are a heavy blow to Adani, who has previously been one of the fastest-growing business figures in India, with a reported net worth of approximately $85 billion.
If convicted, Adani and his executives could face severe financial and legal repercussions as the case unfolds in federal court. Furthermore, a judge has issued arrest warrants for the involved defendants, which will be addressed to international law enforcement.
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