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US accuses Indian billionaire Gautam Adan of fraud

US accuses Indian billionaire Gautam Adan of fraud

Indian billionaire Gautam Adani has been charged with fraud in the US, accused of orchestrating a $250 million bribery scheme.

The criminal charges, filed in New York, are the latest blow to 62-year-old Adani, one of India's richest men, whose business empire stretches from ports and airports to renewable energy.

After the accusations were made, it is known that the shares of Adani Group companies fell more than 10%, thus losing about 30 billion dollars in market capitalization. with the BBC, the Telegraph reports.


Meanwhile, Adani Green Energy, which is the company at the center of the allegations, also said it would not proceed with a $600 million bond offering.

Reports of this bribery investigation have been circulating for months.

Prosecutors said the US began investigating the company in 2022 and found the investigation had been obstructed.

They allege that its executives raised $3 billion in loans and bonds, including those from American companies, based on false statements about anti-bribery practices and policies.

"As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and lied about the bribery scheme while seeking to raise capital from US and international investors," US Attorney Breon Peace said in a statement announcing the charges.

"My office is dedicated to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets," he added.

Otherwise, Adani is a close ally of Indian Prime Minister Narendra Modi.

He has long faced allegations from opposition politicians that he benefited from his political connections, which he denies.

Last week on social media, Adani congratulated Trump on his election victory and pledged to invest $10 billion in the US. /Telegraph/

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