Indictment of Indian Billionaire Gautam Adani for Fraud

Indian billionaire Gautam Adani and his nephew have been indicted for fraud by U.S. prosecutors, accused of a $265 million bribery scheme to secure power-supply deals. Adani Group denies the allegations. The fallout led to billions of dollars being wiped off the market value of Adani Group companies and the cancellation of a major airport project in Kenya. Adani Green Energy canceled a $600 million U.S. bond sale. Adani Group faces charges of securities fraud, securities fraud conspiracy, and wire fraud conspiracy.

Allegations of Bribery and Fraud against Adani Group

Adani Group denies allegations of bribery and fraud made by U.S. authorities against chair Gautam Adani. Shares of Adani Group companies plunged after Adani was indicted on charges related to an alleged bribery and fraud scheme. Adani and others accused of paying Indian government officials bribes to obtain solar energy contracts. Adani Group spokesperson refutes allegations, stating commitment to governance and compliance. Adani Green Energy cancels bond plans following indictment charges.

Indictment of Indian Billionaire Gautam Adani

Indian billionaire Gautam Adani has been indicted in the U.S. for securities fraud and conspiracy related to his solar energy project in India, involving an alleged bribery scheme to secure contracts and financing. Adani and his co-defendants are accused of duping investors by misrepresenting the project while paying bribes to government officials. The case also includes civil actions by the U.S. SEC seeking penalties and sanctions.