Gautam Adani Indicted on Fraud and Bribery Charges

21 Nov 2024 , 01:55 PM

News outlets including Reuters and Bloomberg said on November 21 that Gautam Adani, the leader of India’s Adani Group, and seven other people are being charged in the US in connection with a multibillion-dollar bribery and fraud conspiracy. The group allegedly paid Indian officials to obtain solar energy contracts, according to the charges that prosecutors announced on Wednesday.

Adani hailed President-elect Donald Trump on his election victory last week and promised a multi-billion dollar investment in the United States. According to a Reuters article, “Adani announced the investment while also congratulating U.S. President-elect Donald Trump on his election win.”

It should be mentioned that Trump has pledged to streamline rules for energy firms, facilitating their ability to drill on federal property and build pipelines.

Gautam Adani has been accused of “defrauding American investors and bribing officials” in the complaint presented by the US Securities and Exchange Commission. Charged with “conspiracy to commit securities and wire fraud, as well as substantive securities fraud, for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions through false and misleading statements” were Adani, his nephew Sagar Adani, 30, executives of Adani Green Energy, and Cyril Cabanes, an executive of Azure Power Global Ltd.

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