Indian Billionaire Gautam Adani Indicted in New York on Bribery Charges
Indian billionaire Gautam Adani, head of the Adani Group conglomerate, has been indicted by a federal grand jury in New York on charges of bribery, corruption, and conspiracy. The charges allege that Adani and his associates engaged in a scheme to secure lucrative contracts through illegal payments to foreign officials.
The U.S. Department of Justice (DOJ) announced the indictment on Wednesday, accusing Adani of orchestrating a multimillion-dollar bribery network to influence officials in multiple countries. The charges include violations of the Foreign Corrupt Practices Act (FCPA), a U.S. law that prohibits bribing foreign government officials to gain business advantages.
According to court documents, Adani and senior executives from his conglomerate allegedly funneled bribes through shell companies and intermediaries to secure contracts in the energy, infrastructure, and mining sectors.
“Mr. Adani used his vast resources and global influence to undermine fair competition and promote a culture of corruption,” U.S. Attorney Damian Williams said in a statement.
The indictment centers on projects in Africa, Southeast Asia, and Latin America, where Adani Group subsidiaries reportedly secured contracts worth billions of dollars. One notable case involves a power plant project in Kenya, where officials allegedly received bribes to approve environmentally controversial operations.
Investigators also claim that payments were made to secure coal mining rights in Indonesia and infrastructure deals in Brazil.
The DOJ alleges that the scheme spanned over a decade and involved multiple countries, making it one of the largest bribery cases ever pursued under the FCPA.
Gautam Adani has denied the allegations, calling them “baseless and politically motivated.” In a statement released by the Adani Group, the billionaire asserted his innocence and vowed to fight the charges.
“These allegations are a deliberate attempt to tarnish my reputation and undermine the success of the Adani Group, which has consistently followed the highest standards of corporate governance,” the statement read.
Adani, once ranked among the world’s richest individuals, has seen his business empire come under increasing scrutiny in recent years, particularly following a report earlier this year by short-seller Hindenburg Research that accused the group of stock manipulation and fraud.
The indictment has sent shockwaves through global financial markets. Shares of Adani Group companies plunged on the Bombay Stock Exchange, wiping out billions of dollars in market capitalization.
Legal experts suggest that the case could have significant implications for Adani’s business operations, particularly in the United States and other Western markets.
“The FCPA is a powerful tool, and the U.S. government is signaling its intent to hold even the most prominent global figures accountable,” said Alexandra Holmes, a corporate law expert.
Adani is expected to face extradition proceedings, as the U.S. seeks to bring him to trial in New York. If convicted, he could face substantial financial penalties and lengthy prison sentences.
Meanwhile, the indictment marks a turning point in the international fight against corruption, underscoring that even the most powerful tycoons are not immune to accountability.
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