In a significant legal development, a US court has indicted Gautam Adani, the chairman of the Adani Group, along with seven others, including his nephew Sagar Adani and three senior executives, on charges of fraud and bribery. The charges stem from a controversial deal involving Adani Green Energy and a US-based company to sell 12 gigawatts of solar power to various states.
The indictment came on the same day that Adani Green Energy planned a major green bond launch in the US. However, following the legal charges, the Adani Group made the decision to cancel the $600 million bond offering.
US prosecutors, including the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), have accused Gautam Adani and other executives of orchestrating a $250 million bribery scheme. The scheme allegedly involved misleading US investors and securing favorable deals with the Indian government.
According to the SEC, the bribery was intended to secure the Indian government’s commitment to purchasing energy from Adani Green and Azure Power at above-market rates, giving the companies an unfair advantage. The SEC has filed charges against Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive of Azure Power Global Ltd., seeking permanent injunctions, civil penalties, and barring them from serving as corporate officers or directors.
The news of the indictment has caused a dramatic decline in the market value of Adani Group companies. Shares of Adani Group companies plunged by around $28 billion in early trading, reflecting investor concerns over the charges. Additionally, Adani’s US dollar bonds dropped sharply, with some securities losing as much as 15 cents.
This high-profile case has drawn attention to allegations of corruption and fraud within major international deals, highlighting the ongoing scrutiny faced by the Adani Group in the global financial arena.
এনেধৰণৰ অন্যান্য বা-বাতৰিৰ বাবে লাইক কৰক অসম লাইভ ২৪ ৰ ফেচবুক পেজ
