The Adani group is in trouble again. This time, however, accusations against it are being leveled by a source more reliable than the activist short-sellers at Hindenburg Research, who had caused tremors in the market with a report last year on the group's finances.
The United States (US) federal prosecutor for the Eastern District of New York, one of those that specialize in examining federal white-collar crimes, has charged group Chairman Gautam Adani and some other executives, including Mr Adani's nephew, with bribing government officials in India to secure contracts.
The investigation was conducted by the Federal Bureau of Investigation and the charges, if proved, would be a violation of US law because even bribes in other countries are seen as defrauding US investors.
The accusations also include charges of misleading investigative agencies and deleting electronic evidence. A parallel case was filed by the Securities and Exchange Commission (SEC), the US' market regulator.
Denne historien er fra November 25, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 25, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
India may become global leader in 5G FWA mkt by 2027
India is expected to become the world's largest 5G fixed wireless access (FWA) market by 2027 with over 30 million subscribers and overtake the US, the current global leader with 15 million subscribers, according to Counterpoint Research.
Crypto or not: Industry to focus on user protection, licensing regime
A consultation paper on the crypto sector is expected to suggest clarity on regulations after WazirX breach, says CoinSwitch co-founder
Pant, Iyers knock it out of the park
IPL Mega Auction: Star wicket-keeper most expensive player at ₹27 cr; Shreyas, Venkatesh bag hefty pay cheques
Eastern states are country's growth engine, says Modi
Prime Minister Narendra Modi asserted on Sunday that his government considers India's eastern region as the country's growth engine, while the area was considered backward earlier.
The other side of financialisation
There's been a dramatic rise in loans against gold in the past one year, but growth in unsecured loans is slowing. Bank loans to the NBFC sector have also dipped
Demand for super top-up health insurance plans rises after Covid
Demand for super top-up plans in health insurance has increased significantly post the Covid-19 pandemic, owing to a rise in medical costs and increased insurance awareness in the country, industry insiders have said.
Countdown to Feb 1 begins
FY26 Budget will come only six months after the last one, but has all the signs of becoming a hallmark document
Greening AI for sustainable computing
Technologies are providing solutions to many business and social problems. However, the solution itself is becoming a problem for climate action.
Agentic AI: The next frontier
A new iteration of AI is now taking the world by surprise. Agentic AI can take its own decisions. ARYAMAN GUPTA & SHIVANI SHINDE report
Visit developer's past projects to evaluate service standards
Renting temporarily can be useful to assess suitability before committing to purchase
