Indian billionaire Gautam Adani faces US charges in $250M bribery scandal

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Craig Nigrelli Anchor

By Craig Nigrelli (Anchor), William Jackson (Producer), Kaleb Gillespie (Video Editor)

Indian billionaire Gautam Adani, one of the world’s wealthiest individuals, is under investigation by U.S. authorities for alleged bribery and fraud. Prosecutors accuse Adani and seven others of paying $250 million in bribes to Indian officials to secure lucrative solar energy contracts projected to generate over $2 billion in profits.

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According to the U.S. Department of Justice (DOJ), Adani and his associates used corrupt practices to win contracts for India’s largest solar power plant and misled U.S. investors and lenders in the process.

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Evidence presented in court includes detailed tracking of bribes, financial summaries and digital records. Prosecutors also allege that Adani personally met with government officials to advance the scheme.

The charges include securities fraud and wire fraud conspiracy. Arrest warrants have been issued, though Adani remains in India. The Adani Group has denied the allegations, describing them as “baseless.”

In a separate civil case, the Securities and Exchange Commission (SEC) alleges that Adani and others misrepresented their anti-corruption practices to investors. U.S. authorities claim the alleged bribery and fraud schemes helped secure financing, including $175 million from U.S. investors.

This is not the first controversy involving Adani’s business empire. Last year, a U.S. short-seller accused the conglomerate of stock manipulation and fraud, resulting in billions of dollars in lost market value, according to CNN.

The latest charges have triggered a sharp decline in Adani’s companies’ stock values, with shares losing nearly $30 billion in a single day. A planned $600 million bond sale was also canceled.

The case has sparked political fallout in India, with opposition parties calling for a parliamentary investigation. Critics allege favoritism by Prime Minister Narendra Modi’s government toward Adani, a claim both Modi and Adani deny.

Tags: India, Narendra Modi, Securities and Exchange Commission, Solar panels, solar power, U.S. Department of Justice

AN INDIAN BILLIONAIRE AND ONE OF THE WORLD’S RICHEST MEN, IS AT THE CENTER OF A U.S. BRIBERY AND FRAUD INVESTIGATION. PROSECUTORS ACCUSE GAUTAM ADANI AND SEVEN OTHERS OF PAYING $265 MILLION IN BRIBES TO INDIAN OFFICIALS TO SECURE LUCRATIVE SOLAR ENERGY CONTRACTS EXPECTED TO GENERATE OVER $2 BILLION IN PROFITS.

THE DEPARTMENT OF JUSTICE (DOJ) ALLEGES ADANI AND HIS ASSOCIATES USED CORRUPTION TO WIN CONTRACTS FOR INDIA’S LARGEST SOLAR POWER PLANT WHILE MISLEADING U.S. INVESTORS AND LENDERS. COURT DOCUMENTS CITE EVIDENCE SUCH AS DETAILED TRACKING OF BRIBES, FINANCIAL SUMMARIES, AND DIGITAL RECORDS. PROSECUTORS ALSO ALLEGE ADANI PERSONALLY MET WITH OFFICIALS TO FURTHER THE SCHEME.

THE CHARGES INCLUDE SECURITIES FRAUD AND WIRE FRAUD CONSPIRACY. ARREST WARRANTS HAVE BEEN ISSUED, THOUGH ADANI REMAINS IN INDIA. THE ADANI GROUP HAS DENIED THE ALLEGATIONS, CALLING THEM “BASELESS.”

IN A PARALLEL CIVIL CASE, THE SECURITIES AND EXCHANGE COMMISSION (SEC) CLAIMS ADANI AND OTHERS MISREPRESENTED THEIR ANTI-CORRUPTION PRACTICES TO INVESTORS. U.S. AUTHORITIES SAY THE ALLEGED BRIBERY AND FRAUD SCHEMES WERE USED TO SECURE FINANCING, INCLUDING $175 MILLION FROM U.S. INVESTORS.

THIS ISN’T THE FIRST TIME ADANI’S BUSINESS EMPIRE HAS FACED SCRUTINY. LAST YEAR, A U.S. SHORT-SELLER ACCUSED THE CONGLOMERATE OF STOCK MANIPULATION AND FRAUD, WIPING OUT BILLIONS IN MARKET VALUE.

THE NEW CHARGES HAVE DEALT ANOTHER BLOW TO ADANI’S COMPANIES, WITH SHARES PLUMMETING $30 BILLION IN A SINGLE DAY. A PLANNED $600 MILLION BOND SALE WAS ALSO CANCELED.

THE SCANDAL IS REVERBERATING IN INDIA, WHERE OPPOSITION PARTIES ARE DEMANDING A PARLIAMENTARY INVESTIGATION. CRITICS HAVE ACCUSED PRIME MINISTER NARENDRA MODI’S GOVERNMENT OF FAVORING ADANI, A CLAIM BOTH MODI AND ADANI DENY.

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