Gautam Adani Indicted in Massive Bribery and Fraud Case

Billionaire Gautam Adani faces charges in the US for alleged bribery and fraud linked to solar energy contracts. The Congress party in India demands a Joint Parliamentary Committee investigation and a new SEBI head to probe these allegations further, highlighting possible ties to the Prime Minister.

Billionaire Gautam Adani has been charged by US prosecutors for allegedly orchestrating a bribery scheme to secure lucrative solar energy contracts in India. The case reportedly involves $250 million in bribes paid to Indian officials between 2020 and 2024, potentially reaping $2 billion in profits for Adani's conglomerate.

The Indian Congress party sees these charges as validation of their long-standing demand for a Joint Parliamentary Committee investigation into Adani's dealings. Congress claims these activities reflect a deep-seated connection between Prime Minister Modi and Adani, revealing systemic issues within Indian institutions, including SEBI's inability to conduct thorough investigations.

US Attorney Breon Peace stated that Adani, along with his nephew Sagar and former CEO Vneet Jaain, have been implicated in an elaborate scheme involving securities fraud. With the US Securities and Exchange Commission also filing a civil case, the need for new leadership in SEBI is emphasized to ensure a comprehensive probe into the alleged 'Adani Mega Scam.'

(With inputs from agencies.)