Indian billionaire Gautam Adani indicted in the United States for corruption and fraud | Economic and commercial news

Gautam Adani, chairman of Indian conglomerate Adani Group and one of the world's richest people, has been indicted in New York for an alleged multibillion-dollar fraud, US prosecutors said.

Authorities on Wednesday accused Adani and two other Adani Green Energy executives, his nephew Sagar Adani and Vneet Jaain, of agreeing between 2020 and 2024 to pay more than $250 million in bribes to officials of the Indian government to secure solar power supply contracts which are expected to be profitable. $2 billion in profits.

Prosecutors said the renewable energy company also raised more than $3 billion in loans and bonds during that period based on false and misleading statements.

Five other people were charged with criminal conspiracy, including two executives of another renewable energy company and three employees of a Canadian institutional investor.

The Adani group denied the accusations on Thursday.

The allegations made by the US Department of Justice and the US Securities and Exchange Commission against Adani Green executives are baseless and denied, the conglomerate said in a statement, adding that all possible legal remedies will be sought .

Adani Group companies lost about $27 billion in market value on Thursday and Adani Green Energy canceled a $600 million bond sale.

Flagship Adani Enterprises closed down 23 per cent, its worst one-day fall since February last year.

Several other companies in the conglomerate, such as Adani Ports, Adani Total Gas, Adani Green, Adani Power and Adani Energy Solutions, also fell between 7 and 19 percent.

According to court records, a judge has issued arrest warrants for Gautam Adani and Sagar Adani, and prosecutors plan to turn those warrants over to foreign law enforcement.

The case concerns alleged violations of the Foreign Corrupt Practices Act, a US anti-corruption law.

Seven of the eight defendants are Indian citizens and lived in India, while the eighth, Cyril Cabanes, has dual French-Australian nationality and lived in Singapore, prosecutors said.

The U.S. Securities and Exchange Commission has filed related civil charges against Gautam Adani, Sagar Adani and Cabanes, 50, an executive at Azure Power Global. Prosecutors identified Cabanes as one of the Canadian investors' employees.

Gautam Adani is worth $69.8 billion, according to Forbes magazine, making him the 22nd richest person in the world and the second richest person in India.

Elaborate scheme

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, adding that Gautam Adani, Sagar Adani and Jaain had lied about the bribery scheme as they sought to raise capital in the United States. and international investors.

These crimes were allegedly committed by senior executives and directors to obtain and finance massive state energy contracts through bribery and fraud at the expense of U.S. investors, added Assistant Attorney General Lisa H Miller.

On several occasions, Gautam Adani personally met with an Indian government official to advance the bribery scheme, and the defendants met in person to discuss aspects of his execution, prosecutors alleged.

According to the indictment, some conspirators privately referred to Gautam Adami by the code names Numero Uno and The Big Man, while Sagar Adani allegedly used his cellphone to track details of the alleged bribes .

In January last year, US short seller Hindenburg Research accused Adani and its companies of stock manipulation and fraud, allegations the group denied. India's highest court ruled in favor of the group a year later.

India's opposition Congress party on Thursday called for a parliamentary inquiry into allegations of wrongdoing by the Adani Group.

Congress leader Rahul Gandhi accused Prime Minister Narendra Modi of protecting Adani.

We demand that Adani be stopped immediately. But we know that will not happen because Modi is protecting him, Gandhi told a news conference in the capital New Delhi.

Last week, Gautam Adani said in a post on social media platform , without providing a timetable.

He announced the investment while congratulating US President-elect Donald Trump on his electoral victory.

Trump has pledged to make it easier for energy companies to drill on federal lands and build new pipelines.

The Adani Group, worth $32 billion (in revenue), has interests in ports, airports, power generation and transmission, and green energy, among other businesses.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos