Indian billionaire Gautam Adani, one of the world’s richest individuals, is facing an arrest warrant in connection with a USD 265 million bribery and fraud scheme, according to Reuters.
He has been charged by U.S. prosecutors for allegedly being part of a scheme to pay over USD 250 million (approximately Rs 2,100 crore) in bribes to Indian officials in exchange for favorable terms in solar power contracts.
Gautam Adani charged with bribery, securities fraud
Adani is facing charges of bribery and securities fraud in two separate cases brought by U.S. authorities.
The criminal indictment, filed by the U.S. Department of Justice in a New York court, accuses him and seven others, including his nephew Sagar Adani, of paying bribes to unidentified state government officials, such as those in Andhra Pradesh.
The alleged scheme aimed to secure expensive solar power deals, potentially generating profits of more than USD 2 billion over 20 years.
Allegation denied
On Thursday, the Adani Group denied the allegations, calling them baseless and emphasizing its compliance with all laws.
“The allegations made by the U.S. Department of Justice and the U.S. Securities and Exchange Commission against directors of Adani Green are baseless and denied,” said a spokesperson for the group in an official statement.
Following the allegations, Adani Group stocks experienced a sharp decline. Adani Enterprises and Adani Energy dropped by 20% each, while other group companies, including Adani Green Energy and Adani Total Gas, also faced significant losses.
According to court records cited by Reuters, arrest warrants have been issued against Gautam Adani and his nephew Sagar Adani in the U.S. Prosecutors plan to hand these warrants over to foreign law enforcement agencies for further action.
