NAIROBI, Kenya, Nov 21 \u2014 Indian billionaire Gautam Adani and other executives have been charged in the United States over their roles in a multi-billion-dollar fraud scheme.<\/p>\n
Adani, who is seeking mega deals in Kenya, was indicted by the US Department of Justice, alongside his nephew Sagar Adani, of orchestrating a bribery scheme involving more than $250 million in payments to Indian government officials to secure solar energy contracts.<\/p>\n
\u201cThese bribes were used to deceive investors and banks, raise billions of dollars, and obstruct justice,\u201d stated Lisa Miller, Deputy Assistant Attorney General.<\/p>\n
The solar contracts were expected to generate over $2 billion in profits over a 20-year period. Investigators allege Adani personally met with government officials and engaged in extensive efforts to conceal the bribery scheme. <\/p>\n
Evidence includes cellphone records, PowerPoint presentations, Excel spreadsheets, and photographs documenting bribe payments and concealment strategies.<\/p>\n
In Kenya, Adani has bagged multi-billion energy and infrastructure deals, in what has sparked major controversies.<\/p>\n
The DOJ alleges the fraudulent scheme targeted US investors, enabling Adani Green Energy Ltd. to raise $175 million under false pretenses. The Securities and Exchange Commission (SEC) has also filed parallel charges against Adani executives and Cyril Cabanes of Azure Power Global.<\/p>\n
This isn\u2019t the first controversy for Adani. In January 2023, US-based Hindenburg Research accused Adani of \u201cbrazen stock manipulation and accounting fraud.\u201d The report led to an $80 billion decline in Adani\u2019s net worth, though his fortune currently stands at $85.5 billion, according to the Bloomberg Billionaires Index.<\/p>\n
Adani, often seen as an ally of Indian Prime Minister Narendra Modi, has denied all allegations, calling the Hindenburg report \u201cnothing but a lie.\u201d<\/p>","protected":false},"excerpt":{"rendered":"
NAIROBI, Kenya, Nov 21 \u2014 Indian billionaire Gautam Adani and other executives have been charged in the United States over their roles in a multi-billion-dollar fraud scheme. Adani, who is seeking mega deals in Kenya, was indicted by the US Department of Justice, alongside his nephew Sagar Adani, of orchestrating a bribery scheme involving more […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-102879","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/102879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=102879"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/102879\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=102879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=102879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=102879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}