Gautam Adani charged in US with bribery: All you need to know about the case
Gautam Adani, India's second richest man and the Chairman of the Adani Group, has been indicted in the US over his role in an alleged multibillion-dollar bribery and fraud scheme. A total of eight people, including Gautam Adani and his nephew Sagar Adani, have been booked. Prosecutors in Brooklyn, New York, accused them of participating in a scheme that involved promising to pay more than $250 million in bribes to government officials in India to secure solar energy contracts for Adani Green Energy.??
Bribery case against Gautam Adani
According to US prosecutors, Adani had discussed the scheme with officials in person.??
The indictment stated that Adani Green Energy then tried to raise money from U.S. and international investors with a 2021 bond offering, based on false and misleading statements about the firm’s anti-corruption and anti-bribery efforts.??
'the big man'
According to the indictment, some conspirators privately referred to Gautam Adani with the code names "Numero uno" and "the big man," while Sagar Adani allegedly used his cellphone to track specifics about the bribes.??
“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars. Adani and his associates lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” Breon Peace, the U.S. attorney for the district, said in a statement.??
Also read:?Gautam Adani’s Net Worth Crosses $100 Billion For The First Time Since Hindenburg Report
Charges against Adani?
Gautam Adani, Sagar Adani, and Vneet Jaain, the former CEO of Adani Green Energy, were charged with securities fraud, securities fraud conspiracy, and wire fraud conspiracy. The Adanis have also been charged in a U.S. Securities and Exchange Commission civil case, which stated that Adani Green Energy raised more than $175 million from U.S. investors.??
The other five defendants were charged with conspiring to violate the Foreign Corrupt Practices Act, a U.S. anti-bribery law, and four were charged with conspiring to obstruct justice.??
Gautam Adani's net worth
The 62-year-old Adani has a net worth of $69.8 billion, making him the 22nd-richest person in the world. Adani's business empire spans several industries, including infrastructure, ports, airports, logistics, power, cement, media, defence, and more.??
Adani vs Hindenburg
This is not the first time Adani's business empire,? that grew rapidly in recent years have come under international scrutiny. In January 2023, US-based short seller Hindenburg Research had accused Adani of 'Pulling the largest con in corporate history'.
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