Authorities say Gautam Adani and seven other defendants 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...
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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. Gautam Adani, Sagar Adani and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the Adanis were also charged in a US Securities and Exchange Commission civil case.
The charges were announced hours after Adani on Wednesday raised $600 million by selling 20-year “green” bonds.
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Billionaire Gautam Adani of India’s Adani Group charged in US with bribery, fraudAuthorities say Gautam Adani and seven other defendants 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...
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