Adani Indicted in Major Bribery and Fraud Case

Gautam Adani, chair of Adani Group, is indicted in New York over his alleged involvement in a multibillion-dollar bribery and fraud scheme. The charges involve corruption to secure solar energy contracts and violations of the U.S. Foreign Corrupt Practices Act. Related civil charges were filed by the SEC.

Billionaire Gautam Adani, chair of the Indian conglomerate Adani Group, has been indicted in New York over his role in a significant bribery and fraud scheme, U.S. prosecutors announced. He, along with seven other defendants, allegedly paid $265 million in bribes to Indian government officials to secure lucrative solar energy contracts.

The indictment highlights violations of the Foreign Corrupt Practices Act, a U.S. anti-bribery law. Prosecutors said the Adani Group concealed this corruption while raising over $3 billion in loans and bonds for Adani Green Energy. Arrest warrants have been issued for Adani and his nephew, and related civil charges have been filed by the U.S. Securities and Exchange Commission.

Despite the serious allegations, Adani's company planned significant investments in U.S. energy projects, announced shortly before the indictment. The developments follow previous accusations by Hindenburg Research over improper use of offshore tax havens by the Adani Group, leading to substantial stock market losses.

(With inputs from agencies.)