The News
US prosecutors indicted one of India’s richest men on Wednesday for allegedly bribing Indian government officials to gain lucrative contracts, and concealing them from US investors. Billionaire Gautam Adani and other executives allegedly paid more than $250 million in bribes to obtain solar energy supply contracts with New Delhi, ultimately raising capital on false statements.
The indictment comes just weeks after the Adani Group pledged to invest $10 billion in US energy and infrastructure projects.
Regulators have for months been scrutinizing Adani’s business activities: Short seller Hindenburg Research accused him last year of improper use of tax havens and stock manipulation, and Adani’s infrastructure deals in Kenya, Sri Lanka, and Bangladesh appeared to have been facilitated by the Indian government’s diplomatic ventures.