Sun Nov 24 22:14:35 UTC 2024: ## Adani Indicted in US on Multi-Million Dollar Bribery and Fraud Charges

**New York, NY** – Indian billionaire Gautam Adani, a close associate of Prime Minister Narendra Modi, and seven other executives have been indicted in New York on charges of bribery and fraud, the Department of Justice (DOJ) announced Wednesday. The indictment alleges a years-long scheme involving over $250 million in bribes paid to Indian government officials to secure lucrative solar energy contracts worth over $2 billion in projected profits.

The DOJ accuses Adani and his associates, including his nephew Sagar Adani, of using deceptive practices to obtain financing from US investors, concealing the bribery scheme to fund the contracts. Evidence cited includes phone records, photographs of bribe summaries, and financial documents detailing bribe payment options.

The allegations, which come over a year after US short-seller Hindenburg Research accused the Adani Group of stock manipulation and accounting fraud, sent shockwaves through the conglomerate. Shares in Adani Group companies plummeted by 10% to 20% on Thursday, wiping out nearly $30 billion in market value.

In a parallel civil action, the Securities and Exchange Commission (SEC) also charged Adani and other executives with defrauding US investors, claiming Adani Green Energy Ltd raised over $175 million based on these misrepresentations.

The Adani Group vehemently denies the allegations, calling them “baseless” and asserting their commitment to ethical business practices. However, the fallout extends beyond financial markets. India’s opposition Indian National Congress is demanding a parliamentary investigation into the matter. Adani Green Energy Ltd, which is building the world’s largest solar power plant, announced it is suspending a planned $600 million bond offering in response to the indictments. The DOJ alleges the bribery scheme ran from 2020 to 2024, with Adani himself participating in meetings to advance the scheme. The case highlights concerns about corruption in international business and the potential impact on global markets. The Indian Ministry of External Affairs has yet to comment on the indictment.

Read More