Indian Billionaire Gautam Adani Indicted On Bribery Charges In Alleged Bribery Scheme

Prosecutors have charged Indian billionaire Gautam Adani in a massive bribery scheme.Photo credit should read SAM PANTHAKY/AFP via Getty ImagesIndian billionaire Gautam Adani has been charged in a massive bribery scheme.US prosecutors allege he and his execs bribed Indian government officials to secure energy contracts.Adani and his executives convinced US investors to buy bonds on false promises, prosecutors allege.Prosecutors brought bribery charges against billionaire Gautam Adani, one of the richest people in India, alleging the business magnate and seven of his senior executives paid hundreds of millions of dollars in bribes to the Indian government and hid them from US investors.New York prosecutors allege in an indictment that Adani and his executives promised more than $250 million in bribes to win solar energy contracts from the Indian government between 2020 and 2024.Those contracts, according to federal prosecutors, were projected to generate more than $2 billion in profits after tax over roughly a 20-year period.Prosecutors allege that Adani personally met with an Indian government official on several occasions in order to advance the elaborate scheme.In a parallel action, the SEC on Wednesday charged Adani and his nephew, Sagar Adani, with violating the antifraud provisions of the federal securities laws.

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