India's second-richest person indicted by US in $250 million bribery scheme

US prosecutors have charged Gautam Adani, India's second-richest person, with fraud, stemming from accusations that he and several alleged co-conspirators sought to pay $250 million in bribes to Indian officials.

The U.S. attorney's office in Brooklyn, New York, on Wednesday accused the mostly Indian executives of obtaining funds from U.S. investors and other international lenders based on false and misleading statements, while , according to authorities, they bribed Indian officials. as they sought billions of dollars in solar power contracts.

The defendants orchestrated an elaborate scheme to bribe Indian government officials to obtain contracts worth billions of dollars, U.S. Attorney Breon Peace said in a statement accompanying the indictment. The defendants then lied about the bribery scheme as they sought to raise capital from U.S. and international investors, Peace said.

The scheme, prosecutors say, occurred from 2020 through this year.

Sagar Adani, Adani's nephew, is also named as an accused. The Securities and Exchange Commission announced civil fraud charges Wednesday.

Gautam Adani, 62, worth about $70 billion, according to Forbes, runs Adani Group, an industrial conglomerate with stakes in logistics and energy units. The Adani Group itself is not named in the indictment, which refers to an unnamed Indian renewable energy company that was a portfolio company of an Indian conglomerate.

The SEC complaint, meanwhile, directly names Adani Green Energy Ltd., a unit of the Adani Group.

In a statement released on Thursday, the Adani Group denied the allegations, calling them baseless.

The Adani Group has always respected and is firmly committed to maintaining the highest standards of governance, transparency and regulatory compliance in all jurisdictions where it operates, a spokesperson said in a statement. We assure our stakeholders, partners and employees that we are a law-abiding organization, fully compliant with all laws.

The news sent shares of Adani Group companies in India plunging on Thursday, CNBC reported. Its flagship Adani Enterprises fell 23%, while Adani Energy fell 20%. Adani Green Energy, the company at the center of corruption allegations, fell 18.95%.

Adani Green Energy also canceled plans to sell $600 million of US dollar-denominated bonds.

India's opposition party has accused Adani of profiting from its close ties with Indian Prime Minister Narendra Modi.

We know there will be no government institution that will help put Mr Adani where he belongs, Rahul Gandhi, leader of the Indian National Congress, said on Thursday. We know this because the entire government is controlled by the Prime Minister.

Last year, a major U.S. short seller, or a company that bets on another company's stock price falling, accused the Adani Group of fraud, pointing to alleged discrepancies in its official filings.

The findings of short seller Hindenburg Research sent Adani Group shares tumbling, but they eventually recovered following a favorable ruling related to the allegations from India's Supreme Court.

Modi has never publicly commented on Hindenburg's allegations.

Since the release of our January 2023 report identifying Adani as the largest corporate scam in history, we have never doubted our views, Hindenburg said in an emailed statement Wednesday, and Adani never refuted our conclusions.

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