US prosecutors accuse Indian Billionaire Gautam Adani of fraud and bribery

U.S. prosecutors have accused Indian billionaire Gautam Adani of fraud and bribery. Adani and seven associates allegedly conspired to pay $265 million in bribes to Indian officials to secure a contract expected to generate $2 billion in profits.

The allegations claim that Adani and his associates sought to secure India’s largest solar power development contract through bribery.

The contract was projected to yield over $2 billion in profits over 20 years.

The indictment, filed in New York, also states that Adani and the former CEO of one of his companies concealed their “corruption” to secure over $3 billion from lenders and investors.

Authorities revealed that Gautam Adani personally met with government officials to advance the scheme. His nephew, Sagar Adani, is also accused of managing the bribery details.

These charges follow a 2023 report by an independent firm alleging corruption and financial misconduct within the Adani Group. Although Adani denied the report, it led to a steep drop in the company’s stock and a financial crisis.

Adani, a close associate of Indian Prime Minister Narendra Modi, has long faced criticism for allegedly leveraging political connections to expand his business empire, accusations he has consistently dismissed as baseless.

The U.S. prosecution highlights concerns about corruption undermining the integrity of international markets. The case also underscores the challenges of balancing political influence and corporate accountability in global business.

The outcome of this case could significantly impact Adani’s international reputation and the operations of his conglomerate. It also raises broader questions about transparency and the influence of powerful business figures on public governance.

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