Billionaire Gautam Adani of India's Adani Group charged in US with bribery

21/11/2024 12:14

        Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world's richest people, has been indicted in New York over his role in a $265 million bribery scheme, according to U.S. prosecutors.
        
        Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.
        
        A judge has issued arrest warrants for Gautam Adani and Sagar Adani and prosecutors plan to hand those warrants to foreign law enforcement, court records show.
        
        Fallout for the Adani empire was immediate.
        
        Adani Green Energy cancelled plans on Thursday to raise $600 million in U.S. dollar-denominated bonds, according to four sources with direct knowledge of the matter. The bond had been priced but was pulled following the news.