Thu Nov 21 18:28:59 UTC 2024: ## Adani Group Faces US Corruption Charges, Triggering Political and Market Turmoil in India

**New Delhi, India** – The Adani Group, one of India’s largest conglomerates, is embroiled in a major international scandal after US prosecutors filed a USD 265 million bribery indictment against Gautam Adani, his nephew Sagar Adani, and six others. The indictment alleges a conspiracy to bribe Indian officials to secure lucrative state energy contracts worth USD 2 billion over two decades. The charges include securities fraud, conspiracy, and wire fraud. Arrest warrants have been issued in the US, and prosecutors intend to seek their extradition.

The Adani Group vehemently denies the allegations, calling them “baseless” and vowing legal action. However, the US Securities and Exchange Commission has also filed a civil case against the Adanis, alleging false and misleading statements to investors regarding anti-bribery compliance.

The accusations have sent shockwaves through India’s political and financial landscape. Opposition leaders, particularly Congress MP Rahul Gandhi, have accused Prime Minister Narendra Modi of shielding Adani, demanding a Joint Parliamentary Committee investigation and Adani’s arrest. Gandhi alleges Adani’s acquisition of Indian assets was through corruption and that he supports the ruling BJP party. The BJP counters that the states implicated in the bribery scheme – Andhra Pradesh, Odisha, Tamil Nadu, Chhattisgarh, and Jammu and Kashmir – are all governed by opposition parties.

The fallout has been dramatic. Gautam Adani’s net worth plummeted by $12 billion in a single day, and shares of Adani Group companies experienced sharp declines, resulting in a massive loss in market value. Internationally, Kenyan President William Ruto cancelled a procurement process granting the Adani Group control of the country’s main airport and terminated a USD 736 million power transmission project with the group.

The indictment alleges bribes were directed at officials in multiple states, with one Andhra Pradesh official specifically named in court filings as receiving a purported bribe of Rs 1,750 crore (approximately USD 210 million). The case promises to be a lengthy and complex legal battle with significant ramifications for India’s business landscape and its political climate.

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