US prosecutors have indicted Billionaire Gautam Adani, Chairman of the Adani Group, and several of his colleagues. The group is accused of bribery “at the expense of US investors.”
Mr. Adani, his nephew Sagar Adani, and six associates have been accused of organizing bribes of more than $256 million to Indian government officials. Adani Green Energy, another firm associated with The Adani Group is also involved in the case.
Court records yesterday state that prosecutors plan to hand over the warrants to foreign law enforcement. “This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice,” Deputy Assistant Attorney General Lisa Miller stated. “These offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors.”
The SEC also filed civil charges against Gautam Adani, Sagar Adani, and Australian businessman Cyril Cabanes.
Gautam Adani, worth $85 billion, founded The Adani Group in 1988. The Group is a multinational conglomerate with a range of industries, including sea and airport management, electricity generation and transmission, mining, natural gas, food, weapons, and infrastructure.
Shares in Adani’s companies have plummeted between 10% and 20% premarket today, causing a $12 billion value drop.
By CEO NA Editorial Staff
