23 sources·Business

U.S. Indicts Gautam Adani in $250 Million Bribery Scheme

Gautam Adani faces serious allegations including bribery, fraud, and misleading investors, resulting in substantial consequences for Adani Group.

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Updated: Nov 21st, 2024, 10:10 AM ET

Summary

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Gautam Adani, chairman of the Adani Group, has been indicted in a $250 million bribery case, marking another significant legal challenge for the conglomerate. U.S. prosecutors allege that Adani and others engaged in corruption to secure solar energy contracts, including misleading investors and banks. The indictment lays out serious accusations, involving plans to make substantial bribery payments to Indian officials. Adani Group has firmly denied all allegations, but the ramifications are evident as shares plummet and the company cancels significant bond sales.

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