Indian Billionaire Gautam Adani Indicted in $250 Million US Bribery Case

Adani, a close ally of Indian Prime Minister Modi, faces allegations of bribing officials to secure renewable energy contracts and defrauding US investors.

US prosecutors in New York have charged Gautam Adani and seven associates with orchestrating a $250 million bribery scheme to obtain solar energy contracts in India worth billions in profits.
The indictment alleges that Adani Group executives meticulously documented bribe payments, with evidence including electronic messages and financial analyses outlining the scheme.
The charges also include conspiracy to commit securities and wire fraud, as well as obstructing investigations into the alleged misconduct starting in 2022.
Adani Group denies the allegations, calling them baseless, but the company's stocks and bonds have suffered significant losses, with nearly $27 billion wiped from its market value.
Opposition leaders in India accuse Prime Minister Modi of shielding Adani and demand a formal investigation into the billionaire's ties to the government and alleged unethical business practices.