Gautam Adani, nephew Sagar indicted in US with alleged $265 million bribery, fraud
PTC News Desk: Billionaire Gautam Adani has been indicted in New York for his role in an alleged multibillion-dollar bribery and fraud scheme, according to US authorities.
Adani and seven other defendants, including his nephew Sagar Adani, allegedly agreed to pay around $265 million in bribes to Indian government officials in order to win contracts worth $2 billion over 20 years and to create India's largest solar power plant project.
Prosecutors also claimed that the Adanis and another Adani Green Energy executive, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by concealing their corruption from lenders and investors.
According to the indictment, some conspirators referred to Gautam Adani as "Numero uno" and "the big man," while Sagar Adani reportedly used his cellphone to track details about the bribery.
Gautam Adani, Sagar Adani, and Jaain were charged with securities fraud, securities fraud conspiracy, and wire fraud conspiracy. The Adanis were also charged in a civil case by the Securities and Exchange Commission in the United States.
The remaining five defendants were charged with conspiracy to violate the Foreign Corrupt Practices Act, a US anti-bribery law, and four with conspiracy to impede justice.
- PTC NEWS
