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.
This story is from the November 25, 2024 edition of Business Standard.
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This story is from the November 25, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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