Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

India’s 2nd-wealthiest person charged by U.S. in $250 million bribery scheme

by admin November 22, 2024
November 22, 2024
India’s 2nd-wealthiest person charged by U.S. in $250 million bribery scheme

U.S. prosecutors have charged Gautam Adani, India’s second-richest person, with fraud over accusations that he and several alleged co-conspirators sought to pay $250 million in bribes to Indian officials.

The U.S. attorney’s office in Brooklyn, New York, accused the executives, most of them Indian, on Wednesday of obtaining funds from investors in the U.S. and other international lenders “on the basis of false and misleading statements” while, authorities say, they bribed Indian officials as they sought billions in solar power contracts.

“The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” U.S. Attorney Breon Peace said in a release accompanying the indictment. The defendants then “lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” Peace said.

The scheme, according to prosecutors, occurred from 2020 to this year.

Sagar Adani, Adani’s nephew, is also named as a defendant. The Securities and Exchange Commission separately announced charges of civil fraud Wednesday.

Gautam Adani, 62, who is worth about $70 billion, according to Forbes, heads Adani Group, an industrial conglomerate that holds stakes in logistics and energy units. Adani Group itself is not named in the indictment, which refers to an unnamed “Indian renewable-energy company” that was “a portfolio company of an Indian conglomerate.”

The SEC complaint, meanwhile, directly names Adani Green Energy Ltd., a unit of Adani Group.

In a statement on Thursday, Adani Group denied the allegations, calling them “baseless.”

“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations,” a spokesperson said in a statement. “We assure our stakeholders, partners and employees that we are a law-abiding organization, fully compliant with all laws.”

The news sent shares of Adani Group companies plunging in India on Thursday, CNBC reported. Its flagship Adani Enterprises fell 23%, while Adani Energy fell 20%. Adani Green Energy, the company at the center of the bribery allegations, was down 18.95%.

Adani Green Energy also canceled plans to sell $600 million in U.S. dollar-denominated bonds.

India’s opposition party has accused Adani of benefiting from his strong ties to Indian Prime Minister Narendra Modi.

“We know that there is going to be no government institution that is going to help put Mr. Adani where he belongs,” Rahul Gandhi, leader of the Indian National Congress, said Thursday. “We know that because the entire government is controlled by the prime minister.”

Last year, a prominent U.S. short-seller, or a firm that bets on the price of another company’s stock to fall, accused Adani Group of fraud, highlighting alleged discrepancies in its official filings.

The findings from the short-seller, Hindenburg Research, caused Adani Group shares to tumble — but they ended up recovering following a favorable ruling related to the allegations by India’s Supreme Court.

Modi never commented publicly on the Hindenburg allegations.

“Since releasing our January 2023 report identifying Adani as the largest corporate con in history, we have never wavered in our view,” Hindenburg said in an emailed statement on Wednesday, “nor has Adani ever refuted our findings.”

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Sector Rotation Suggests Offense Over Defense
next post
McDonald’s preparing a 2025 ‘McValue’ offering

Related Posts

Palm Beach housekeepers are making $150,000 a year...

May 24, 2024

Cracker Barrel shares plummet after pushback on new...

August 23, 2025

McDonald’s says $5 value meal sales are hot...

July 31, 2024

McKinsey & Co. to pay $650M to settle...

December 18, 2024

Comcast announces plan to spin off cable channels,...

November 21, 2024

Boeing withdraws contract offer after talks with union...

October 10, 2024

Joann to shutter all 800 fabric stores after...

February 26, 2025

Tesla is the new meme stock, according to...

July 11, 2024

Costco cracks down on membership card sharing

August 9, 2024

AI that can match humans at any task...

March 19, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • White House move to cancel $4.9B foreign aid with ‘pocket rescission’ blasted as illegal

      August 30, 2025
    • Meet the radical anti-Israel activists joining ‘Squad’ Dem Tlaib at Detroit confab

      August 30, 2025
    • Abbott signs Texas redistricting map into law, securing major GOP victory ahead of 2026 midterms

      August 30, 2025
    • Witkoff meets Ukraine officials in New York ahead of emergency UN Security Council meeting: ‘Very productive’

      August 30, 2025
    • Senators demand oversight, reject vaccine guidance as illegitimate as CDC turmoil rages

      August 30, 2025

    Categories

    • Business (1,091)
    • Investing (2,941)
    • Politics (3,589)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved