Billionaire Bribes: Gautam Adani's New York Indictment Shakes Business World

Gautam Adani, head of the Adani Group, faces indictment in New York for alleged bribery and fraud. Alongside other defendants, including his nephew Sagar Adani, they allegedly paid $265 million in bribes to secure contracts in India. Adani and others face serious charges, including securities fraud.

Gautam Adani, the prominent figure helming the Indian conglomerate Adani Group, finds himself embroiled in a legal quagmire after being indicted in New York. The billionaire, along with seven others including his nephew Sagar Adani, is accused by U.S. prosecutors of orchestrating a multibillion-dollar bribery and fraud scheme.

The allegations suggest Adani and the defendants paid approximately $265 million in bribes to Indian officials to secure sprawling contracts expected to yield $2 billion in profit over a period of 20 years, focusing on India's largest solar power project. Additionally, they allegedly manipulated financial records to raise over $3 billion.

The high-stakes charges bring securities fraud and conspiracy into the spotlight, with the Adani Group not immediately available for comment. As arrest warrants circulate for the accused, the scandal further intertwines with geopolitical and economic conversations, as Adani plans a $10 billion investment in U.S. energy sectors.

(With inputs from agencies.)