Billionaire Gautam Adani has been charged by US prosecutors for allegedly leading a $250 million bribery scheme to secure solar power contracts in India. Adani and seven associates, including his nephew Sagar Adani, are accused of bribing Indian officials to secure energy deals funded by international investors.
The Adani Group denies the allegations, calling them “baseless,” and pledged to take legal action. Following the charges, Adani Group companies lost $28 billion in market value, with shares falling 10–20%.
Prosecutors claim the scheme ran from 2020 to 2024 and involved false statements to raise $3 billion from global investors. Adani allegedly met officials to discuss bribes, while associates documented and concealed evidence, deleting emails and lying to US officials.
Opposition parties in India demand Adani’s arrest, with Rahul Gandhi accusing PM Modi of shielding him. Most of the accused live in India, except one associate based in Singapore.
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