Indian billionaire Gautam Adani has been charged in New York over an alleged multibillion-dollar fraud scheme.
US prosecutors announced the indictment on Wednesday, November 20, revealing that Adani, along with two executives from his company Adani Green Energy, faces accusations of bribery and misleading financial practices.
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The charges stem from an investigation into alleged corrupt practices between 2020 and 2024, where Adani and his team reportedly agreed to pay over $250 million in bribes to Indian government officials.
In return, they were said to have secured solar energy supply contracts expected to yield $2 billion in profits. Prosecutors also allege that the company raised more than $3 billion in loans and bonds based on false statements.
Alongside Adani, his nephew Sagar Adani and Vneet Jaain, both senior executives at Adani Green Energy, have been charged.
The indictment also involves five other individuals, including two executives from another renewable energy company and three employees of a Canadian institutional investor.
In response to the charges, Adani Group strongly denied the accusations. A spokesperson called the claims “baseless” and vowed to pursue all possible legal recourse.
The group’s denial comes as a major setback for Adani, whose businesses suffered significant market losses in the wake of the charges.
On Thursday, shares in Adani Green Energy plummeted by 17%, and stocks for other Adani companies lost more than 10%. Adani Green Energy also canceled a $600 million bond sale.
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Court records reveal that arrest warrants have been issued for Gautam Adani and Sagar Adani, with US authorities planning to work with foreign law enforcement to execute them.
The charges include violations of the Foreign Corrupt Practices Act, a US anti-bribery law.
With a net worth of $69.8 billion, Adani is India’s second-richest person and the 22nd richest in the world, according to Forbes.