Gautam Adani, the second-richest person in India, has been charged by U.S. federal prosecutors with fraud. He and his alleged co-conspirators are accused of attempting to pay $250 million in bribes to Indian officials to secure billions of dollars in solar-power contracts. The scheme involved obtaining funds from investors in the United States and other lenders based on false and misleading statements. The alleged fraud occurred between 2020 and 2024.
Adani’s nephew, Sagar Adani, is also named as a defendant in the case. The Securities and Exchange Commission has also filed civil fraud charges against them. Adani, worth around $70 billion according to Forbes, leads the Adani Group, an industrial conglomerate with stakes in logistics and energy units. The Adani Group is not directly named in the indictment, but an unnamed Indian renewable-energy company, which the document refers to, is said to be a portfolio company of an Indian conglomerate.
Last year, a short-seller accused the Adani Group of fraud, causing their shares to drop initially, but they later recovered following a favorable ruling by India’s Supreme Court. Adani has received support from Indian Prime Minister Narendra Modi, which has been highlighted by India’s opposition party. Adani has not refuted the findings of the short-seller, Hindenburg Research, who still maintains that Adani is involved in fraudulent activities. Adani’s representatives could not be reached for comment immediately.
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