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Solar power magnate Gautam Adani and others indicted over alleged $250M bribery scheme
Billionaire Gautam Adani and several executives at his company, the Indian conglomerate Adani Group, have been indicted over an alleged scheme to pay more
The indictment, unsealed Wednesday in federal court in Brooklyn, charges Adani, his nephew Sagar Adani, and Vneet Jaain with conspiracies to commit securities and wire fraud and substantive securities fraud as part of an effort to raise money in the U.S. to build in India “one of the world’s largest solar energy projects,” the Department of Justice said. “The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” U.S. attorney Breon Peace said in a statement. The Adani Group was the focus of a Hindenburg Research investigation published in 2023, which alleged the conglomerate operated “a large, fragrant fraud in broad daylight,” and that it hid and laundered money through a series of shell companies set up in countries including Cyprus, the UAE, and Singapore.
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