Indian Billionaire Faces US Indictment Over Solar Energy Fraud

Indian billionaire Gautam Adani, one of the world's wealthiest individuals, has been indicted in the US for allegedly defrauding investors in a large-scale solar energy project in India. The charges center around allegations of securities and wire fraud, linked to undisclosed bribery used to obtain contracts.

Indian billionaire Gautam Adani, 62, has been indicted in the United States on serious charges of securities fraud and conspiracy to commit wire fraud. The indictment, unsealed Wednesday, accuses Adani of deceiving investors by hiding the involvement of bribery in a massive solar energy project in India.

Adani, one of the world's wealthiest individuals, is alleged to have defrauded investors who invested several billion dollars into the project. The charges claim that the businessman failed to disclose more than USD 250 million in bribes paid to Indian officials to secure profitable solar energy supply contracts.

This case highlights significant issues of corruption and investor deception in major international business dealings, raising questions about transparency and legality in the global solar energy sector.

(With inputs from agencies.)