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.
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