Gautam Adani, one of the world’s richest men and head of Adani Group, has been indicted in New York over his role in a $265 million bribery plot, according to U.S. prosecutors.
Gautam Adani, 62, is worth $69.8 billion according to Forbes magazine. He is one of the few billionaires formally accused in the United States of criminal wrongdoing.
As per US authorities, main accused Adani and seven others defendants including his nephew Sagar Adani, paid bribes to officials in Indian government to get solar plant contracts, expected to yield $2 billion in profit.
Moreover, the Securities and Exchange Commission (SEC), charged Adani and two other executives over conduct it said had arisen out of a “massive bribery scheme”.
A judge has issued arrest warrants for Gautam Adani and Sagar Adani and prosecutors plan to hand those warrants to foreign law enforcement, court records show.
Following a short-seller attack in February 2023, the Adani empire suffered rapid repercussions, with shares of the conglomerate’s listed companies plunging between 10% and 20%.
On Thursday, Adani Green Energy (ADNA.NS) also canceled plans to issue bonds worth $600 million in US dollars. After the news, the bond that had been priced was withdrawn.
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.
None of the defendants is in custody, a spokesperson for U.S. Attorney Breon Peace in Brooklyn said. Gautam Adani is believed to be in India.
