Gautam Adani, the chairman of the Adani Group and the country’s second richest industrialist, seems to be in big trouble. Adani and seven others are accused in the US of billions of dollars in bribery and fraud.
The case was heard in the American court. Arrest warrants have been issued against Adani and his nephew. After being named in this case, Adani Group has canceled the bond of 600 million dollars in America.
Prosecutors announced the charges on Wednesday, according to the Economic Times. It has been alleged that Adani Group paid bribes to Indian officials to get solar power contracts. Adani had announced investment in green energy on Wednesday. The announcement was made when the company’s chairman congratulated Donald Trump on his election victory in the US presidential election.
The Reuters report said
that while announcing the investment, Adani also congratulated Donald Trump on his election victory in the US presidential elections. It is worth noting here that Trump has promised to simplify regulations for energy companies. This would make it easier for them to drill and build pipelines on federal lands.
What is Adani’s case?
Gautam Adani is accused of allegedly defrauding American investors and bribing officials, according to a case filed by the US Securities and Exchange Commission. Adani and others are accused of obtaining funds from US investors and global financial institutions by making false and misleading statements. After this, this amount was used for bribe.
The indictment states that Adani and others paid bribes worth around $265 million (about Rs 2237 crore). He expected these contracts to generate a profit of $2 billion (roughly Rs. 16,882 crore) over two decades. Prosecutors claim that some people involved in the scheme used code names like ‘Numero Uno’ and ‘The Big Man’ to refer to Gautam Adani.
The arrest warrant report issued
states that arrest warrants have been issued for Gautam Adani and Sagar Adani. The US Securities and Exchange Commission filed related civil charges against the two men and another man, Cyril Cabanes. However, the US government has not yet released details on the specific charges against Adani and other individuals.
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