Gautam Adani, India’s second-richest person, has been charged by U.S. federal prosecutors with fraud on accusations that he and several alleged co-conspirators sought to pay $250 million in alleged bribes to Indian officials.
The defendants then “lied about the bribery scheme as they sought to raise capital from U.S. and international investors.”The scheme, according to prosecutors, occurred between 2020 and 2024.
Gautam Adani, worth approximately $70 billion according to Forbes, heads the Adani Group, an industrial conglomerate that holds stakes in logistics and energy units.
The findings from the short-seller, Hindenburg Research, caused Adani Group shares to tumble — but they ended up recovering following a favorable ruling related to the allegations by India’s Supreme Court.
Adani has also received direct support from Indian Prime Minister Narendra Modi, something India’s opposition party has highlighted.
Persons:
Gautam Adani, India’s, Attorney Breon Peace, “, Adani’s, Sagar, Forbes, Adani, Narendra Modi, ” Hindenburg, ”
Organizations:
Attorney’s, “, Attorney, Securities, Exchange Commission, Group, Adani, SEC, Green Energy Ltd, Hindenburg, Adani Group, India’s, Indian
Locations:
U.S, Brooklyn, United States