Gautam Adani reportedly paid US$265 million to obtain contracts with the Indian government
The Indian billionaire was indicted by United States prosecutors on suspicion of being part of a US$265 million (more than R$1.5 billion) bribery scheme. Adani, who is one of the world’s men, is accused of bribing Indian government officials to obtain solar plant contracts that would yield $2 billion in profit over 20 years.
Police have issued arrest warrants for Gautam Adani and his nephew Sagar Adani. Prosecutors want foreign authorities to also receive detention orders, as official documents show. In addition to them, 6 other people were indicted on suspicion of being part of the fraudulent scheme.
Gautam and Sagar were also accused in a parallel civil case at the SEC (the US Securities and Exchange Commission), as reported by the commission in . “The SEC’s complaint against Gautam and Sagar Adani accuses them of violating the anti-fraud provisions of federal securities laws. The complaint seeks permanent injunctions, civil penalties and imprisonment of officers and directors”, says the statement.
It is the second time that the billionaire’s business has experienced turmoil in less than a year. Last year, a report by Hindenburg Research stated that the Indian business group had offshores in tax havens that were improperly established. The company denied it.
Apart from the Adani family, Vneet Jaain, former CEO of Adani Green Energy, was also accused of being part of the scam. According to the US Court, Gautam, Vneet and Sagar corruptly collected more than US$3 billion in loans and bonds. The 3 were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy.
Gatam Audani is India’s second only to Mukesh Ambani, and his wealth is valued at more than US$69.8 billion.
The accusations caused Adani Green Energy shares to fall 17% this Thursday (Nov 21, 2024). The company canceled a $600 million bond sale.
