The US Securities and Exchange Commission (SEC) has charged billionaire Gautam Adani, founder and chairman of the Adani Group, with allegedly running a $250 million bribery scheme and defrauding American investors. Accusing Adani and seven other executives of bribing Indian officials to land lucrative contracts, the federal prosecutors have alleged that on several occasions the business tycoon himself met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. Adani, 62, his nephew Sagar Adani, 30, executives of Adani Green Energy Ltd, and Cyril Cabanes, an executive of Azure Power Global Ltd were charged on Wednesday (November 20) with conspiracy to commit securities and wire fraud, as well as substantive securities fraud, for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions through false and misleading statements. Also read: Hindenburg claims $310 mn frozen in Swiss bank a/c, Adani Group rejects allegations Follow this space for more live updates
The US Securities and Exchange Commission (SEC) has charged billionaire Gautam Adani, founder and chairman of the Adani Group, with allegedly running a $250 million bribery scheme and defrauding American investors. Accusing Adani and seven other executives of bribing Indian officials to land lucrative contracts, the federal prosecutors have alleged that on several occasions the business tycoon himself met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. Adani, 62, his nephew Sagar Adani, 30, executives of Adani Green Energy Ltd, and Cyril Cabanes, an executive of Azure Power Global Ltd were charged on Wednesday (November 20) with conspiracy to commit securities and wire fraud, as well as substantive securities fraud, for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions through false and misleading statements. Also read: Hindenburg claims $310 mn frozen in Swiss bank a/c, Adani Group rejects allegations Follow this space for more live updates