Indian billionaire in $265M U.S. Corruption Scandal
Indian billionaire Gautam Adani faces U.S. federal charges for allegedly masterminding a $265 million bribery scheme tied to his company, Adani Green Energy.
The indictment, which includes fraud and conspiracy charges, also implicates his nephew Sagar Adani and former company executives.
Prosecutors accuse the Adanis of bribing Indian officials to secure contracts worth $2 billion over 20 years, concealing the corruption to secure $3 billion in loans and bonds.
Adani Green Energy shares plummeted 17% on the news, wiping $28 billion from the Adani Group’s market value. Arrest warrants for Adani and Sagar have been issued, with U.S. authorities planning international cooperation for their apprehension. Indian billionaire in $265M U.S. Corruption Scandal
The fallout revives scrutiny of alleged favoritism between Adani and Indian Prime Minister Narendra Modi. The scandal adds to the group’s woes following last year’s Hindenburg Research report accusing it of fraud. Adani denies the allegations, as investigations continue.
