Indian billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of an elaborate scheme to pay $265 million (about Rs 2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts. The bombshell allegations, which Adani group denied saying it is innocent until proven guilty, may have a widespread fallout ranging from reputational risk to the conglomerate, inability to raise funds from the US market and the billionaire being forced to restrict his overseas travels to opening a political pandora's box that will give the Opposition another tool to target the government just as Parliament meets for the winter session, starting Monday. The allegations have given fresh ammunition to Opposition parties with the Congress demanding a joint parliamentary probe into Adani Group’s dealings and immediate arrest of Gautam Adani. Adani, India's second-richest man, and seven others, including his nephew Sagar, have been charged by the US Department of Justice with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than USD 2 billion in profit over 20 years. Prosecutors said the US started an investigation in 2022. They alleged that the group raised USD 2 billion in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm's anti-bribery practices and policies as well as reports of the bribery probe. While the Adani group denied all charges and termed them baseless, it scrapped a USD 600 million bond issue by Adani Green Energy Ltd. The issue was oversubscribed three times hours before the indictment.Read/watch The Federal’s stories on the issue: Also read: US indictment against Gautam Adani could spark international probes, investor exodus Also read: Adani's indictment in US triggers political upheaval in Delhi Watch | US probe: ‘Sins of Adani will visit India Inc’ | Capital Beat Watch | Adani US probe | ‘95% of such cases get proven’ Follow our live updates here
Indian billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of an elaborate scheme to pay $265 million (about Rs 2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts. The bombshell allegations, which Adani group denied saying it is innocent until proven guilty, may have a widespread fallout ranging from reputational risk to the conglomerate, inability to raise funds from the US market and the billionaire being forced to restrict his overseas travels to opening a political pandora's box that will give the Opposition another tool to target the government just as Parliament meets for the winter session, starting Monday. The allegations have given fresh ammunition to Opposition parties with the Congress demanding a joint parliamentary probe into Adani Group’s dealings and immediate arrest of Gautam Adani. Adani, India's second-richest man, and seven others, including his nephew Sagar, have been charged by the US Department of Justice with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than USD 2 billion in profit over 20 years. Prosecutors said the US started an investigation in 2022. They alleged that the group raised USD 2 billion in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm's anti-bribery practices and policies as well as reports of the bribery probe. While the Adani group denied all charges and termed them baseless, it scrapped a USD 600 million bond issue by Adani Green Energy Ltd. The issue was oversubscribed three times hours before the indictment.Read/watch The Federal’s stories on the issue: Also read: US indictment against Gautam Adani could spark international probes, investor exodus Also read: Adani's indictment in US triggers political upheaval in Delhi Watch | US probe: ‘Sins of Adani will visit India Inc’ | Capital Beat Watch | Adani US probe | ‘95% of such cases get proven’ Follow our live updates here