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☆ Adani Group shares nosedive after chairman Gautam Adani charged with fraud in New York
▼ + stars: | 2024-11-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. India's Adani Group saw shares of its companies plunge Thursday after its billionaire chairman Gautam Adani was indicted in a New York federal court over his alleged involvement in an extensive bribery and fraud operation. The Indian group's flagship firm Adani Enterprises fell 10%, while the company in the eye of the storm Adani Green Energy tanked 17.28%. Adani Energy fell 20%. Adani Power lost 13.81%, Adani Port's share price dropped 10%, while the group's retail arm Adani Wilmar shed 7.87%.

Persons: India's, Gautam Adani, Adani, Sagar Adani, Ranjit Gupta, Rupesh Agarwal, Saurabh Agarwal, Cyril Cabanes, Deepak Malhotra, CDPQ, shortseller, Hindenburg, Raymond James ', Matt Orton Organizations: Adani Defence, Aerospace, Aero, Air Force, India's Adani, Adani Enterprises, Energy, Adani Energy, Adani Power, NSE, Adani Green Energy, Power, Quebec, U.S, Hindenburg Research, CNBC Locations: Bengaluru, India, New York, U.S, Brooklyn

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

☆ Indian billionaire Gautam Adani indicted on bribery charges in alleged bribery scheme
▼ + stars: | 2024-11-20 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +2 min

AdvertisementIndian billionaire Gautam Adani has been charged in a massive bribery scheme. Adani and his executives convinced US investors to buy bonds on false promises, prosecutors allege. Prosecutors brought bribery charges against billionaire Gautam Adani, one of the richest people in India, alleging the business magnate and seven of his senior executives paid hundreds of millions of dollars in bribes to the Indian government and hid them from US investors. Gautam Adani, the founder and chairman of Indian conglomerate Adani Group, is estimated to be worth more than $85 billion, according to Bloomberg. Adani and his executives convinced US investors to buy bonds in one of the companies using false promises, prosecutors allege.

Persons: Gautam Adani, Adani, Sagar, Gautam, Sagar Adani, Sanjay Wadhwa Organizations: New, SEC, Adani, Bloomberg Locations: India, New York, SEC's

☆ Billionaire Gautam Adani indicted in New York on bribery charges
▼ + stars: | 2024-11-20 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Indian billionaire Gautam Adani and other executives were indicted in New York for roles in a multi-billion-dollar fraud scheme, the US Department of Justice said Wednesday. Authorities said Adani and seven other senior business executives, including his nephew Sagar Adani, promised more than $250 million in bribes to Indian government officials to secure solar energy contracts. Worth more than $85 billion, Adani is Asia’s second-richest person behind countryman Mukesh Ambani, according to Bloomberg’s Billionaires Index. The solar energy supply contracts were projected to raise more than $2 billion in profits after tax over an approximately 20-year period. The defendants frequently met and discussed the bribery scheme, including evidence on several phones.

Persons: Gautam Adani, Adani, Sagar Adani, ”, Lisa Miller, Worth, Mukesh Ambani, Cyril Cabanes, Adani Green, Jeff Bezos –, Hindenburg, Narendra Modi, CNN’s Diksha Madhok Organizations: New, New York CNN, US Department of Justice, Authorities, Adani Group, Indian, DOJ, Securities and Exchange Commission, Adani Green Energy Ltd, Power, SEC, Hindenburg, Bloomberg, Adani Enterprises, CNN Locations: New York

☆ Billionaire Gautam Adani charged in New York with massive fraud, bribery
▼ + stars: | 2024-11-20 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Gautam Adani, chair of India's Adani Group and one of the world's richest people, was indicted with others on bribery and fraud charges unsealed Wednesday in federal court in New York. Andani and other defendants are accused of bribing Indian government officials more than $250 million in bribes to obtain solar energy supply contracts worth more than $2 billion in profits. The five-count indictment in U.S. District Court in Brooklyn also charged Ranjit Gupta and Rupash Agarwal, former executives in the renewable-energy company Azure Power, and three former employees of the Canadian institutional investor Caisse de Depot et Placement du Quebec: Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra. Those defendants are accused of conspiracy to violate the Foreign Corrupt Practices Act in connection with the bribery scheme by Adani and the others at the energy company. Cabanes, Saurabh Agarwal, Malhotra and Rupash Agarwal are also accused of conspiring to obstruct criminal and Securities and Exchange Commission investigations into the bribery scheme.

Persons: Gautam Adani, India's, Sagar Adani, Ranjit Gupta, Rupash Agarwal, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, Malhotra Organizations: Green Energy, Power, Quebec, Securities, Exchange Locations: New York, U.S, Brooklyn

☆ India’s Adani Green Energy Limited is building world’s biggest clean energy plant five times the size of Paris
▼ + stars: | 2024-03-19 | by ( Diksha Madhok | ) edition.cnn.com time to read: +8 min

Its clean energy unit AGEL is building the sprawling solar and wind power plant in the western Indian state of Gujarat at a cost of about $20 billion. But the tycoon has since bounced back and the group is now pouring billions into the clean energy sector. It plans to invest $100 billion into energy transition over the next decade, with 70% of the investments ear-marked for clean energy. A worker walking past rows of solar panels at the Khavda Renewable Energy Park. “[Gautam] Adani continues to walk both sides of the street,” said Tim Buckley, director of Sydney-based think tank Climate Energy Finance.

Persons: can’t, ” Sagar Adani, Adani, He’s, Gautam Adani, Punit Paranjpe, AGEL, ”, haven’t, Hindenburg’s, Gautam, Narendra Modi, Modi, Tim Buckley, ” Buckley, Paranjpe, “, that’s, ” Adani Organizations: New, New Delhi CNN —, CNN, Adani Green Energy, Adani, Khavda, Energy, Hindenburg, AGEL, Getty, International Energy Agency, Sydney, Climate Energy Finance Locations: New Delhi, Paris, Switzerland, India, Gujarat, Indian, Mundra, AFP, Pakistan, American, China, Europe, London, Africa, Australia

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