Billionaire Adani's Legal Turmoil: U.S. Fraud Charges Shake Renewable Energy Giant

U.S. prosecutors have charged billionaire Gautam Adani and others in a fraud scheme concerning a renewable energy project in India. Accused of paying $265 million in bribes to secure contracts, Adani and associates deny wrongdoing. The charges involve multiple high-profile executives from the Adani Group and Azure Power.

U.S. prosecutors have leveled serious fraud and bribery charges against Indian billionaire Gautam Adani and seven others, painting a grim picture involving the renewable energy sector in India. The allegations focus on an alleged $265 million bribery scheme aimed at securing renewable energy contracts from Indian officials.

The accused include Gautam Adani, who ranks as Asia's second-richest individual. According to charges, Adani, along with his nephew Sagar Adani and other senior executives from Adani Green Energy as well as Azure Power, manipulated the market and investors, misleading U.S. investors during a $750 million bond offering.

In response to the allegations, the Adani Group dismissed them as baseless, stating their intent to pursue all legal options. The case also brings to light the involvement of former executives from Caisse de dépôt et placement du Québec (CDPQ) and highlights ongoing probes into the integrity of business practices in multinational corporations.

(With inputs from agencies.)