Indian billionaire Gautam Adani has been charged by U.S. federal prosecutors with fraud, accused of attempting to pay $250 million in bribes to Indian officials in order to secure solar-power contracts worth billions of dollars. Adani and several alleged co-conspirators are accused of obtaining funds from U.S. and international investors based on false and misleading statements. The scheme allegedly took place between 2020 and 2024, with Adani’s nephew Sagar Adani also named as a defendant. The Securities and Exchange Commission has also announced civil fraud charges against them.
Adani, the second-richest person in India with a net worth of approximately $70 billion, heads the Adani Group, an industrial conglomerate with interests in logistics and energy. The Adani Group itself is not named in the indictment, but an unnamed Indian renewable-energy company linked to Adani Group is mentioned. Adani Green Energy Ltd., a unit of the Adani Group, is specifically named in the SEC complaint.
Last year, the Adani Group faced allegations of fraud from a short-selling firm, Hindenburg Research, which caused its shares to drop initially. However, the allegations were later dismissed by India’s Supreme Court. Adani has also received support from Indian Prime Minister Narendra Modi in the past, with critics from India’s opposition party highlighting this support.
Representatives for Adani were not immediately available for comment, while Hindenburg Research maintained their stance that Adani Group is “the largest corporate con in history.”
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