Adani Group founder and other officials including Gautam Adani have been charged with bribery. In fact, the US Justice Department said on Wednesday that “Gautam Adani and other officials have been accused of committing fraud worth billions of dollars. They have been charged in New York.” Officials said that “Adani and his nephew Sagar Adani and seven other officials promised to pay bribes of more than $250 million to Indian government officials to obtain solar energy contracts.” It is worth noting that Adani has also been charged in a civil case of the US Securities and Exchange Commission.
Promised bribes of more than $250 million to officials
The US Department of Justice notification said that “more than $250 million in bribes were promised to Indian government officials to secure solar energy contracts. A 5-point criminal indictment was opened in the Brooklyn federal court, accusing Gautam S. Adani, Sagar R. Adani and Vineet S. Jain of conspiring to commit securities and wire fraud. Let us tell you that according to Bloomberg’s Billionaires Index, Gautam Adani, the owner of assets worth more than $85 billion and founder of Adani Group, is the second richest person in Asia after Mukesh Ambani of the country.
Criminal indictment issued against Gautam Adani
On the allegations of US prosecutors, Adani Green issued a statement saying that the US Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment against our board members Gautam Adani and Sagar Adani and a civil complaint has been brought in the United States District Court. The United States Justice Department has also included our Board member Vineet Jain in similar criminal prosecution. Given the current situation, our subsidiaries have decided not to proceed with the currently proposed USD-denominated bond offer.“
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Adani shares fall
After a case was registered against Gautam Adani and seven others for paying crores of bribe for a solar contract in the US, Adani Enterprises cancelled the plan to raise $600 million through bonds. Along with this, the price of Adani bonds also fell by about 20 percent. According to the information, the shares of Adani Energy, Adani Enterprises and Adani Port fell by 20 percent. Along with this, the group’s Adani Green Energy fell by 19.17 percent, Adani Total Gas by 18.14 percent, Adani Power by 17.79 percent and Adani Ports shares fell by 15 percent on BSE. Apart from this, the share of group company Ambuja Cements fell by 14.99 percent, ACC 14.54 percent, NDTV 14.37 percent and Adani Wilmar shares fell by 10 percent.
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