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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
'EK POST MILTI TOH BHI KAAM KARNE SE KOI NAHI ROK SAKTA THA'
Ronak Khatri, DUSU's new president, says nothing can deter his spirit to work for the students of his varsity
'It's scary that the air we are breathing is toxic'
Actor Shriya Pilgaonkar, a goodwill ambassador for the All Living Things Environmental Film Festival (ALT EFF), was in for a shock as she returned recently from New Zealand amid the air pollution crisis in the Capital.
Alia faced hatred for not looking South Indian in 2 States, says Arjun
Actor Arjun Kapoor has shared that his 2 States (2014) co-star Alia Bhatt faced a lot of hatred for being cast in the romantic comedy drama.
He introduced me to Indian cinema: Hugo Weaving on Satyajit Ray and his films
British actor Hugo Weaving, best known for portraying Elrond in The Lord of the Rings and Agent Smith in the Matrix franchise, opened up about his admiration for director Satyajit Ray's works and Indian cinema, saying, \"I actually remember seeing his (Ray's) films when I was 16. I absolutely loved them. The Apu Trilogy profoundly moved me, and The Chess Players (Shatranj Ke Khilari), along with several of his other works.\" The Matrix star added, \"He (Ray) truly introduced me to Indian cinema.\"
I GOT TO TRULY LIVE LIFE: KRYSTLE DSOUZA ON HER TIME AWAY FROM SCREEN
Actor Krystle Dsouza opens up about her three-year hiatus, the struggles of waiting for meaningful work and finding joy in the unexpected
Gukesh shows restraint and defensive skills to hold Ding
BENGALURU: After the fireworks of Game 1, it was a slow, manoeuvring 23-move draw by repetition in the second game of the World Chess Championship between Ding Liren and D Gukesh in Singapore on Tuesday.
AR RAHMAN IS JUST LIKE A FATHER TO ME: MOHINI DEY
Taking to social media, bassist Mohini Dey has refuted the \"baseless claims\" about her alleged role in AR Rahman's separation from his wife, Saira Banu
Gukesh shows restraint and defensive skills to hold Ding
After the fireworks of Game 1, it was a slow, manoeuvring 23-move draw by repetition in the second game of the World Chess Championship between Ding Liren and D Gukesh in Singapore on Tuesday.
Spurs goalkeeper played an hour versus City with a fractured ankle
Tottenham goalkeeper Guglielmo Vicario says he played for an hour against Manchester City with a fractured right ankle that has since required surgery.
NADA slaps four-year ban on Bajrang for doping violation
NEW DELHI: The National Anti-Doping Agency on Tuesday suspended Bajrang Punia for four years for his refusal to provide his sample for a dope test on March 10 during selection trials for the national team.
