Gautam Adani Charged In United States Over Alleged $265 Million Bribery Plot—What You Need To Know

Gautam Adani, the chairman of the Indian multinational Adani Group and one of the world's richest people, has been indicted in New York for his alleged involvement in a multibillion-dollar bribery and fraud scheme, US prosecutors said on Wednesday (20 November).

US authorities stated that Gautam Adani and seven other co-defendants, including his nephew Sagar Adani, allegedly agreed to pay around $265 million in bribes to Indian government officials to secure contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Prosecutors also claimed the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors.

According to the indictment, some conspirators referred privately to Gautam Adani with the code names "Numero uno" and "the big man," while Sagar Adani allegedly used his cellphone to track specifics about the bribes.

Adani Group is yet to issue a statement on the charges.

Gautam Adani, Sagar Adani, and Vneet Jaain face charges of securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Additionally, the Adanis were also charged in a U.S. Securities and Exchange Commission civil case.

The other five defendants were charged with conspiring to violate the Foreign Corrupt Practices Act, a US anti-bribery law, and four were charged with conspiring to obstruct justice.

The announcement of charges came just hours after Adani raised $600 million on Wednesday through the sale of 20-year "green" bonds.

These developments follow nearly two years after US short-seller Hindenburg Research alleged improper use of offshore tax havens by the Adani Group, accusations the company had denied.

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