Adani Faces US Legal Fire Over Bribery Allegations

Gautam Adani has been charged by US prosecutors for allegedly orchestrating a scheme to pay $250 million in bribes to Indian officials to secure lucrative solar power contracts. The scheme, involving US banks and investors, also implicates Adani's nephew and former executives, amid charges by the US SEC.

US prosecutors have leveled serious charges against Gautam Adani, accusing him of orchestrating a $250 million bribery scheme to secure favorable solar power contracts in India. According to prosecutors, the scheme involved deceiving US banks and investors to raise funds for the projects.

The indictment also implicates Adani's nephew, Sagar Adani, and former executives of Adani Group, including ex-CEO Vneet Jaain. Furthermore, US prosecutors have charged three former employees of a Canadian pension fund for allegedly obstructing the investigation by providing false information and deleting emails.

This legal storm unfolds just as the Adani Group recovers from Hindenburg Research's previous fraud allegations, which had severely impacted its market value. The indictment underscores the serious nature of the charges as US authorities pursue violations linked to foreign bribery and securities fraud.

(With inputs from agencies.)