Indian billionaire Gautam Adani and some associates are facing serious allegations of fraud brought by the US attorney's office in New York.
According to prosecutors, the Adani group orchestrated a yearslong scheme involving the payment of $250 million in bribes to Indian government officials to secure favorable terms for solar power contracts awarded to Adani Green Energy Ltd and Azure Power Global Ltd, a New Delhi-based firm that was previously listed on the New York Stock Exchange.
The charges, which include violations of US anti-corruption and fraud laws, carry significant legal and financial implications.
However, the indictment is only the first step after the investigation, and the US authorities will need to present evidence of wrongdoing to press their case.
Mint explains the legal process in the US justice system related to the Adani case.
What are the charges?
Gautam Adani, the chairman of the Adani group and Adani Green Energy, and seven executives have been indicted by the US Department of Justice (DOJ) on five counts:
1.Bribery: Allegedly paying about $250 million to Indian officials between 2020 and 2024 to secure solar energy contracts.
2.Securities fraud: Inflating stock values by concealing these bribery activities and misleading investors.
3.Wire fraud: Using interstate communications to carry out fraudulent schemes.
Esta historia es de la edición November 23, 2024 de Mint Mumbai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 23, 2024 de Mint Mumbai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
World Bank calls for reforming skills training in India
India must make a coordinated effort to reform and rebrand vocational skill training, besides aligning education with the job market, to leverage its demographic advantage to meet the $5-trillion target for its economy, the World Bank said.
FCPA cases take long to conclude after indictment
For investors keen to know the fate of billionaire Gautam Adani's indictment by US authorities, the watchword is patience.
Short-covering, relief rally add ₹7.27 trillion wealth
Markets up 2.39% to hit the highest in six months, a day after Adani's indictment
Wetter monsoon slows pace of adding new transmission lines
India's addition of new power transmission lines fell by half over a year earlier in the April-October period as a wetter-than-usual monsoon slowed work.
COP29's $1.3 tn fund plan disappoints Global South
The 29th edition of the UN climate change conference in Azerbaijan emerged from a deadlock with an annual climate finance goal of $1.3 trillion for developing countries, much to the disappointment of the Global South.
Jaguar rebrand is pink, diverse and doesn't feature any cars
Luxury automaker Jaguar is betting that a colorful and youthful rebrand will help it successfully launch fully into the electric-cars market.
Services up as manufacturing slows in Nov
The HSBC Flash India Services PMI was at 59.2 in Nov from 58.5 in Oct; manufacturing PMI fell slightly from 60.4 to 60.2
MSMED may protect medium firms too
The Centre may consider including medium enterprises for the protection granted under MSME Development (MSMED) Act, 2006, to resolve payment disputes.
Europe boosts Indian textile exports in FY25
Demand for Indian handloom, apparel partly fuelled by Bangladesh crisis
RBI nudges banks to cut speculative bet in rupee
The Indian central bank, in a rare move, instructed some banks to cut their long positions on the dollar-rupee pair on Friday, seeking to curb speculative positions with the currency at a record low, four bankers familiar with the development told Reuters.
