Joseph Isangura
Indian billionaire Gautam Adani, one of the world’s richest individuals, faces allegations from U.S. prosecutors of orchestrating a multibillion-dollar bribery and fraud scheme.
The charges, brought by the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), accuse Adani and key executives of bribing Indian officials to secure contracts for his renewable energy ventures, amounting to billions of dollars.
Prosecutors allege that $265 million in bribes were paid to secure these deals, with Adani personally involved in discussions. The charges also claim the group misrepresented this activity to U.S. and global investors while raising capital, violating the Foreign Corrupt Practices Act (FCPA). The act criminalizes bribery of foreign officials when it involves U.S. investors or markets.
Adani’s conglomerate, which spans infrastructure, energy, and logistics, denies the accusations, labeling them as “baseless.” The group insists it adheres to stringent governance and regulatory standards. Adani and others named in the investigation remain presumed innocent unless proven guilty, as emphasized by both U.S. and Indian legal systems.
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The unfolding legal drama adds to previous controversies surrounding the Adani Group, including stock manipulation allegations by U.S.-based Hindenburg Research in 2023, which also triggered regulatory scrutiny. The group’s close association with Indian Prime Minister Narendra Modi further intensifies political and public scrutiny in both India and the U.S.
