Bribery Scandal Hits Adani Empire

Gautam Adani, head of the Adani Group, faces U.S. charges for allegedly orchestrating a bribery scheme involving $250 million to secure lucrative solar energy contracts, misleading investors along the way.

Gautam Adani, the chair of the Indian conglomerate Adani Group, has been charged in the U.S. for his alleged involvement in a complex bribery scheme. The accusations center around payments totaling hundreds of millions intended to secure profitable solar energy contracts.

According to the U.S. Attorney's Office in Brooklyn, Adani, alongside two executives from an unnamed Indian renewable energy company, allegedly agreed to pay over $250 million in bribes to Indian government officials from 2020 to 2024. These bribes were made to secure solar energy supply contracts that could yield $2 billion in profits.

The accusations further suggest that the involved renewable energy company raised over $3 billion in loans and bonds during this period through allegedly false and misleading statements. Requests for comments from Adani Group have so far been met with silence.

(With inputs from agencies.)