Billionaire Adani Accused in Major Fraud and Bribery Case

The US SEC has charged billionaire Gautam Adani and several others with defrauding American investors and bribing officials. They are accused of executing a multi-billion-dollar scheme involving securities fraud and bribery to secure lucrative contracts for Adani Group's renewable energy projects.

The US Securities and Exchange Commission has brought charges against billionaire Gautam Adani, along with other executives from both Adani Group and Azure Power. The allegations involve defrauding American investors and engaging in bribery activities.

The court documents reveal that Adani and his associates conspired to carry out securities and wire fraud, with intentions to deceive US investors and global financial institutions. The indictment indicates that they directed a scheme to inflate their company's value via false statements.

Authorities claim these executives orchestrated a plan to bribe officials to secure significant solar energy projects from the Indian government. Consequently, the SEC seeks significant penalties, including civil fines and a ban on holding corporate officer positions.

(With inputs from agencies.)