Fri Nov 22 07:40:04 UTC 2024: ## Adani Indicted on Fraud and Bribery Charges in US
**New York, NY – November 22, 2024** – Indian billionaire Gautam Adani and seven associates, including his nephew, have been indicted by a U.S. court on charges of fraud and bribery. The charges stem from a deal involving Adani Green Energy’s planned sale of 12 gigawatts of solar power to various U.S. states. The indictment, filed by the Securities and Exchange Commission (SEC), alleges that Adani defrauded American investors and bribed officials to secure a multi-billion dollar solar energy project, leveraging the Indian government’s award. The SEC is seeking injunctions, civil penalties, and officer and director bars.
The indictment coincided with Adani Green Energy’s planned launch of a green bond in the U.S., a sale which was subsequently cancelled. News of the indictment caused Adani’s stocks to plummet. India’s Congress party cited the indictment as vindication of its calls for a parliamentary investigation into alleged financial irregularities within the Adani Group. The BJP, however, questioned the timing of the charges.
This is not the first legal challenge faced by Adani overseas. He has been embroiled in other controversies, including those related to the Carmichael coal mine project in Australia and a wind power project in Sri Lanka. The indictment comes after allegations by U.S.-based short-seller Hindenburg Research last year, which raised concerns about the Adani Group’s use of offshore entities and high debt levels. Further reports this year alleged undisclosed investments by SEBI chairperson Madhabi Puri Buch and her husband in the same entities allegedly used by the Adani Group to manipulate stock prices.
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