By South China Morning Post | Created at 2024-11-20 23:33:00 | Updated at 2024-11-21 12:42:51
13 hours ago
Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world’s richest people, has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme, US prosecutors said on Wednesday.
Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about US$265 million in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2 billion of profit over 20 years.
According to an indictment, some conspirators referred privately to Gautam Adani with the code names “Numero uno” and “the big man”, while Sagar Adani allegedly used his cellphone to track specifics about the bribes.
Prosecutors also said the Adanis and another executive at Adani Green Energy, Vneet Jaain, raised more than US$3 billion in loans and bonds for that company by concealing the corruption from lenders and investors.
The case involves alleged violations of the Foreign Corrupt Practices Act, a US anti-bribery law.
Adani Group did not immediately respond to requests for comment outside business hours in India, where the charges were announced early Thursday morning.
