A US District Court in New York has indicted Adani Group Chairman Gautam Adani and several senior business executives for their alleged roles in a multi-billion-dollar bribery and investor fraud scheme. A spokesperson for the Adani Group denied the charges, termed them "baseless," and stated that all possible legal recourse will be pursued. Adani, 62, has been charged in an indictment unsealed on Wednesday with securities fraud and conspiracy to commit securities and wire fraud. US Justice Department (DOJ) authorities alleged that Adani and seven other senior business executives offered over $265 million in bribes to Indian government officials to secure solar energy contracts. The case involves an arrangement for Adani Green Energy Ltd. and another firm to sell 12 gigawatts of solar power to the Indian government—enough to light millions of homes and businesses.

Source: Indian Express November 21, 2024 13:16 UTC