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Gautam Adani Indicted in the US on Bribery and Fraud Charges

  • Posted on November 21, 2024
  • News
  • By Arijit Dutta
  • 85 Views

Gautam Adani, chairman of the Adani Group, faces US charges for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts in India. Alongside co-defendants, Adani is accused of securities fraud and misleading investors. The case has sparked economic concerns and political criticism of systemic corruption.

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Indian billionaire Gautam Adani, chairman of the Adani Group, faces a five-count indictment in the US for his alleged role in a $250 million bribery scheme to secure solar energy contracts in India. US prosecutors in Brooklyn charged Adani, alongside two Adani Green Energy executives—his nephew Sagar Adani and Vineet Jain—and four others, with crimes including securities fraud conspiracy, wire fraud conspiracy, and misleading investors about anti-corruption compliance.

The charges stem from allegations that Adani and his co-defendants used bribery to win lucrative solar energy contracts, subsequently raising $3 billion in capital by deceiving investors. According to the indictment, evidence includes electronic records, communication exchanges, and detailed financial plans for bribery, some presented as “Development Fees.” Code names like "Mr. A" and “numero uno” were allegedly used to mask identities.

The charges extend beyond bribery. The US Securities and Exchange Commission (SEC) has filed civil complaints against Adani and others, accusing them of facilitating illegal actions to benefit Adani Green Energy and Azure Power. Co-conspirators reportedly held discussions and transmitted plans from within the US, creating jurisdiction for prosecution.

Adani’s legal troubles have spurred economic ripples. Adani Group's bonds tumbled, and opposition politicians in India demanded government accountability. Critics argue this highlights systemic corruption in India’s infrastructure sector.

Also Read: Dalit Woman Found Dead in UP: Family Alleges Murder Over Political Dispute

Adani has not commented publicly on the charges, and the legal battle is expected to draw significant international scrutiny.

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Arijit Dutta

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