Gautam Adani charged with over $250 million bribery, fraud in US
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New York: Adani Group chairman Gautam Adani and seven others on Wednesday have been indicted in New York in an alleged multibillion-dollar bribery and scheme, Reuters reported.
It is reported that Adani and other defendants including his nephew Sagar Adani agreed to pay about $265 million in bribes to Indian government in order to get energy supply contracts
The scheme was allegedly expected to give $2 billion of profit over 20 years.
The code names ‘ Numero uno’ and ‘ the big man’ were used by some conspirators to refer to Gautam Adani, while Sagar Adani is alleged to have used his cellphone to manage the specifics of the bribes, according to the indictment.
Prosecutors accuse Vneet Jaain, another executive at Adani Green Energy, of raising more than $3 billion in loans and bonds for the company having concealed the corruption from lenders and investors.
The case was a charged over the alleged violations of the Foreign Corrupt Practices Act, a U.S. anti-bribery law.
Despite the reports about indictment, Adani Group did not respond to comments, according to the news agency, and Indian Embassy in Washington also did not respond to reports.
Gautam Adani, 62, worth $69.8 billion, is the world’s 22nd richest person and India’s second richest behind Mukesh Ambani.
It is reported citing court records that a judge issued arrest warrants for Gautam Adani and Sagar Adani, which prosecutors may hand to foreign law enforcement.
Meanwhile, Gautam Adani took to platform X to say that his company has plans to invest $10 billion in U.S. energy security and infrastructure projects, aiming at generating 15,000 jobs.