Gautam Adani Bribe Case: The US has issued arrest warrants against Indian billionaire Gautam Adani and his nephew Sagar Adani for their alleged role in a $265 million bribery scheme. Multiple fraud charges were filed against Adani, one of the world’s richest men, and seven other defendants, leading to a sharp decline in shares and bonds of Adani’s companies on Thursday.
According to news agency Reuters, US federal prosecutors said the defendants agreed to bribe Indian government officials to obtain contracts that could yield $2 billion in profits over 20 years and develop India’s largest solar power plant project. .
What are the allegations?
He also said that Adani and another executive, former Adani Green Energy CEO Vineet Jain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors. All three were charged with securities fraud, conspiracy to commit securities fraud and conspiracy to commit wire fraud. Adani was also charged in a parallel civil case filed by the US Securities and Exchange Commission (SEC).
Adani shares fell
The allegations come after considerable turmoil for Adani Group last year, when short-seller Hindenburg Research released a report accusing the group of improperly using offshore tax havens, which The company has denied.
Adani Green Energy shares fell 17% and shares of several other group firms fell more than 10%. Adani dollar bonds fell, Adani Ports and Special Economic Zone bonds fell 3-5 cents. Fell in the middle.
Code name and Sagar Adani
Unsealed criminal indictments from the U.S. Attorney’s Office for the Eastern District of New York revealed that some of the conspirators privately referred to Gautam Adani by the code names “Numero Uno” and “The Big Man”, while Sagar Adani had allegedly used his cellphone to track specific information about bribes.
Five other defendants were charged with conspiracy to violate the Foreign Corrupt Practices Act and four were charged with conspiracy to obstruct justice. A spokesman for US Attorney Brian Peace in Brooklyn said none of the defendants were in custody.
