US prosecutors said on wednesday that gautam adani, the billionaire chair of indian conglomerate adani Group and one of the world's richest people, has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.

Authorities said adani and seven other defendants, including his nephew Sagar adani, agreed to pay about $265 million in bribes to indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India's largest solar power plant project.

Prosecutors also said the Adanis and another executive at adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors.

The indictment claims that Sagar adani used his smartphone to track details about the bribery and that other conspirators used the code names "Numero uno" and "the big man" to allude to gautam adani in private.
 
Adani Group did not immediately answer requests for a response outside of business hours in India, where the charges were revealed early thursday morning.
 
India's embassy in Washington did not immediately respond to requests for a response, and the defendants' attorneys could not immediately be identified.

In addition to being accused in a civil lawsuit brought by the U.S. Securities and Exchange Commission, gautam adani, Sagar adani, and Jaain were charged with securities fraud, securities fraud conspiracy, and wire fraud conspiracy.
 
Four defendants were charged with conspiracy to obstruct justice, while the remaining five were charged with conspiring to violate the US anti-bribery legislation known as the Foreign Corrupt Practices Act.
 
According to a Brooklyn-based spokeswoman for US Attorney Breon Peace, none of the accused are in prison. It is thought that gautam adani is in India.

BUILT EMPIRE
Forbes magazine estimates that adani, 62, is worth $69.8 billion. He is one of the few billionaires in the US who has been officially charged with criminal misconduct.
 
According to Forbes, his wealth places him as the 22nd richest person in the world and the second richest in India, behind reliance Industries Chair mukesh Ambani.
 
Adani was raised in Gujarat, India, and left school at the age of sixteen.
 
In 1988, he established the adani Group as a commodities trading company. Since then, he has expanded his corporate empire to encompass mining, power generating, shipping ports, airports, and energy transmission.
 
Hours after adani sold 20-year "green" bonds on wednesday to generate $600 million, the charges were revealed.

They also occurred over two years after adani Group disputed allegations of inappropriate use of offshore tax havens made by U.S. short-seller Hindenburg Research.
 
Adani Group equities plummeted by over $150 billion as a result of Hindenburg's january 2023 forecast.
 
 
 
 
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SIBY JEYYA

21/11/2024 08:29 AM