The indictment, which sent Adani Group stocks tumbling up to 23% and wiping out over ₹2 lakh crore ($27 billion) in market value on Thursday, charges the tycoon and his associates with securities fraud, wire fraud conspiracy and violating anti-corruption laws. Arrest warrants were issued in the US for both Gautam Adani and his nephew Sagar Adani, also the executive director in Adani Green.
The Adani Group strongly denied the allegations, calling them "baseless" and vowing to "seek all possible legal recourse".
"This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice," stated Lisa H Miller, the deputy assistant attorney general for the for the US Justice Department's Criminal Division, according to a statement. "These offences were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors," Miller added.
Essentially, the charges are multi-fold: orchestrating $265 million in bribes, violating US anti-corruption laws, and then fraudulently raising over $175 million in bond sales from US investors while hiding these bribes, breaking securities laws.
According to court documents, between 2020 and 2024, Adani executives and those from another company, Azure Power, collaborated to pay bribes to Indian government officials in five states Andhra Pradesh, Odisha, Tamil Nadu, Chhattisgarh and Jammu & Kashmir-to obtain solar energy supply contracts projected to generate more than $2 billion in profits over 20 years.
The charges allege that Gautam Adani personally met with an "Indian government official" to advance the scheme, without naming who this person was. A separate SEC suit identified this person as the then Andhra Pradesh chief minister YS Jagan Mohan Reddy.
هذه القصة مأخوذة من طبعة November 22, 2024 من Hindustan Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 22, 2024 من Hindustan Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
NADDA HITS BACK AT KHARGE OVER MANIPUR LETTER
Bharatiya Janata Party (BJP) president JP Nadda on Friday slammed Congress chief Mallikarjun Kharge's letter to President Droupadi Murmu over the recent spate of violence in Manipur, saying that he and his party were trying to \"sensationalise\" the issue.
SC panel flags alarming farm crisis, seeks talks on MSP law
India's agrarian economy stands at a crossroads, battling rising indebtedness, shrinking incomes and an intensifying climate crisis, the Supreme Court-appointed committee formed to address demands of farmers protesting along the Punjab-Haryana border since February, has emphasised while recommending serious consideration of the farmers' demand for legal sanctity to the minimum support price (MSP) for crops.
MLAs under tight cordon as Manipur conflict rages on
The Central Armed Paramilitary Forces have been roped in to provide security cover to at least 18 MLAs from the valley in Manipur, officials familiar with the matter said on Friday, in a move that came after the houses of legislators were targeted by violent protesters.
Presumed dead, man briefly wakes up before cremation
THREE DOCTORS HAVE BEEN SUSPENDED FOR 'MEDICAL NEGLIGENCE', POLICE SAID
'Society has a right to safety': SC on 3 new laws
ASSESS EFFECTIVENESS OF NEW CRIMINAL LAWS
India, Japan hold talks to bolster military ties
India and Japan on Friday discussed issues related to reciprocal provision of supply and services and the participation of their militaries in various bilateral and multilateral exercises, with focus on sharpening interoperability between their armed forces, during talks between defence minister Rajnath Singh and his Japanese counterpart General Nakatani.
IN A FIRST, INDIAN ARMY BEGINS INDUCTION OF DOMAIN EXPERTS
The Indian Army has for the first time begun inducting experts in domains such as information technology, cyber, information warfare and linguistics as part of restructuring of the Army Education Corps, with the move aimed at enhancing efficiency and improving decision making, a top general said on Friday, adding that the force has identified 16 tech clusters to sharpen its capabilities in the coming years.
CASE AGAINST FCI OFFICIALS AFTER 100 MONKEYS DIE
More than 100 monkeys perished after inhaling a pesticide sprayed in a food godown and were stealthily buried in a pit, police on Friday said.
Germany one of India's most important partners in Europe
Germany will be a reliable partner in India's efforts to become a developed nation and the two countries should join hands to forge a prosperous future for the world, Prime Minister Narendra Modi said on Friday, outlining his vision for the two sides to work together in areas ranging from digitalisation to manufacturing.
Canada rolls back extra security check orders for India-bound flyers
The Canadian government has lifted additional security screening measures for travellers flying to India, days after they were implemented, citing \"out of an abundance of caution\".
