Adani Indicted: The $265 Million Bribery Scandal

Gautam Adani, an Indian billionaire, has been indicted by U.S. prosecutors for allegedly orchestrating a $265 million bribery scheme involving Indian officials. The charges have triggered a financial crisis for his conglomerate, leading to canceled bond sales and plummeting stock values. Adani denies the allegations.

Indian billionaire Gautam Adani faces serious accusations from U.S. prosecutors regarding his alleged involvement in a $265 million bribery scheme targeting Indian officials. The indictment has plunged his conglomerate into a deep crisis, marking the second such event in two years.

Share prices and bonds of Adani's companies fell dramatically, causing Adani Green Energy to cancel a $600 million bond sale. Arrest warrants were issued for Adani and his nephew, with plans to involve foreign law enforcement in enforcing these warrants.

The Adani Group has labeled the accusations as "baseless" and intends to exhaust all legal options. The charges have compounded last year's turmoil following a report from Hindenburg Research accusing the group of improper offshore activities, which Adani has denied.

(With inputs from agencies.)