US Charges Indian Billionaire Gautam Adani with Fraud
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Indian billionaire Gautam Adani has been charged with fraud in the US. He has been accused of orchestrating a $250 million bribery scheme and concealing it to raise money in the US.
The criminal charges were filed in New York on Wednesday, Nov. 20. The indictment alleges that Adani and other senior executives had agreed to pay Indian officials to secure contracts for his renewable energy company, which would yield over $20 billion in profits over 20 years.
The Adani Group has denied these allegations and called them "baseless" and assured that "all possible legal recourse will be sought".
The shares of Adani Enterprises, Adani group's flagship firm, closed down 22 percent on Thursday, Nov. 21. Other group firms also closed in red and Adani Green Energy, the firm at the center of the allegations, said it would not proceed with a $600 million bonding.
The American indictment is one of the biggest challenges the group has faced. Other than Adani, there are seven other defendants including his nephew.
Prosecutors revealed that the US started investing in the company in 2022, but the inquiry was obstructed.
The prosecutors allege the executives raised three billion dollars in loans and bonds including from US firms. The amount had been raised after providing false statements about the firm's anti-bribery policies and the reports of the bribery probe.
The officials shared that Adani met with various government officials to advance the bribery scheme.
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