Gautam Adani, an Indian billionaire, has been charged in the United States for allegedly paying $265 million in bribes to Indian government officials. The bribes were meant to help Adani’s companies secure big contracts for solar power projects in India. The charges also claim that Adani and others defrauded American investors.
What the Charges Say:-
The charges say that Gautam Adani personally met with Indian officials many times to help plan the bribery. The bribes were aimed at getting contracts to build India’s largest solar power plant, which could make $2 billion in profits over the next 20 years.
The bribery efforts were carefully tracked using phones and documents. The people involved used encrypted messaging apps and even took photos of documents showing how much was being offered in bribes.
Who Else Is Charged?
Along with Gautam Adani, seven other people are also charged in this case:
Sagar Adani: Gautam Adani’s nephew and a top executive at Adani Green Energy. Sagar is accused of using his phone to track bribes offered to Indian officials.
Vneet Jaain (Vineet Jain): The former CEO of Adani Green Energy, who is accused of helping raise over $3 billion for the company while taking part in the bribery.
Ranjit Gupta: Former CEO of a U.S. company linked to Adani. He is accused of breaking U.S. anti-bribery laws.
Rupesh Agarwal: A former consultant to the U.S. company, accused of helping with the bribery scheme.
Cyril Cabanes: A man with dual citizenship in Australia and France, who worked with a Canadian pension fund investing in Adani. He is also charged with helping to break U.S. bribery laws.
Saurabh Agarwal and Deepak Malhotra: Both worked for the Canadian pension fund and are accused of taking part in the bribery.
Arrest Warrant for Gautam Adani
A judge in New York has issued an arrest warrant for Gautam Adani. The warrant will be sent to international law enforcement to try to arrest him. This comes after a report by Hindenburg Research, a U.S. financial firm, accused Adani and his companies of manipulating stock prices and committing fraud. Adani’s team denies these claims, calling them false and misleading.
These new charges are a big blow to Adani’s reputation and his business empire, which includes ports, energy, and other industries. As the case continues, the Adani Group could face more investigations and challenges.