Solar Scandal: Adani's Alleged $250 Million Bribery Scheme

Billionaire Gautam Adani faces charges from US prosecutors for allegedly orchestrating a bribery scheme involving over $250 million to secure solar power contracts. The charges include bribery, securities fraud, and violations of anti-fraud provisions. The indictment has impacted Adani Group's market value significantly.

US prosecutors have indicted Indian billionaire Gautam Adani on charges of orchestrating a significant bribery scheme. Allegedly, Adani and associates paid over $250 million to secure favorable solar power contracts, raising concerns about financial market integrity.

Adani, India's second-richest man, is charged with bribery and securities fraud. The charges stem from a US Department of Justice indictment in New York, targeting Adani and seven others, including his nephew Sagar, for bribery schemes with Indian officials.

The allegations have already affected Adani Group, causing a drastic fall in market value. Meanwhile, US authorities are proceeding with cases against Adani for securities fraud and anti-bribery violations, intensifying scrutiny on the conglomerate.

(With inputs from agencies.)