US Charges Billionaire Gautam Adani Allegedly Involved in Bribery Scheme and Securities Fraud
NY: NEW YORK Indicted in the United States on allegations of securities fraud and conspiratorial wire fraud, Indian billionaire Gautam Adani has The charges center on an alleged conspiracy wherein Adani and others misled investors in an extensive solar energy project in India. Unsealed on Wednesday, the indictment charges Adani of hiding over $250 million in bribes paid to Indian officials in order to land favorable solar energy agreements.
Built his wealth in the coal business, Adani, 62, grew his Adani Group into military, infrastructure, and renewable energy among other industries. Claims that the Adani Group refuted as unfounded, the charges follow a financial research company accusing Adani of stock manipulation and accounting fraud last year.
Apart from Adani, numerous people connected with his companies and the project were also charged. The accusations draw attention to Adani's dubious business methods and call for inquiry on corruption among the top levels of Indian business.
