Fraud Charges Against Gautam Adani Fracture Global Alliances

Indian billionaire Gautam Adani faces U.S. fraud charges for alleged bribery in a $265 million scheme. The accusations impact Adani Group's market value and international relations. After indictment, Kenyan airport project with Adani was canceled. Adani denies charges, promising legal recourse and maintaining compliance with laws.

Indian billionaire Gautam Adani has been charged with fraud by U.S. prosecutors, sparking immediate fallout in international markets. Adani and his nephew are accused of paying $265 million in bribes to Indian officials, impacting the Adani Group's power supply deals and causing billions in market value loss.

The Adani Group has refuted the allegations, maintaining that the claims by U.S. authorities are baseless while pledging to pursue all legal avenues. The charges claim that eight individuals, including Adani, facilitated bribes to secure contracts worth billions, raising concerns over financial and political repercussions.

The ramifications of the case extend to international relations, with Kenya canceling a major airport project with the group. The controversy has put a strain on U.S.-India relations, although the White House downplays its significance. The indictment has also led to a setback for Adani Green Energy, which canceled a $600 million bond sale.

(With inputs from agencies.)