US charges Gautam Adani in alleged $265 million bribery, fraud case
A judge has also issued arrest warrants for the founder of the Adani Group and his nephew, Sagar Adani, reported Reuters.
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Industrialist Gautam Adani has been indicted in New York for his alleged role in a multibillion-dollar bribery and fraud scheme related to his solar projects in India, the United States Attorney’s office for the Eastern District said on Wednesday.
A judge has also issued arrest warrants for the founder of the Adani Group and his nephew, Sagar Adani, Reuters reported, citing court records. The prosecutor was planning to hand the warrants to foreign law enforcement, the news agency added.
Gautam Adani and seven others, including Sagar Adani, agreed to pay over $265 million, or nearly Rs 2,236 crore, in bribes to Indian government officials to obtain contracts expected to yield a profit of $2 billion, or nearly Rs 16,880 crore, over 20 years, according to a statement by the US Attorney’s office.
“Gautam S Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses,” read the statement. “Adani and other defendants also defrauded investors by raising capital on the basis of false statements about bribery and corruption, while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation.”
The other six persons named by the prosecutor are CEO of Adani Green Energy Vneet S Jaain, Ranjit...
