Gautam Adani Indicted for Alleged $265 Million Bribery Plot

Indian billionaire Gautam Adani faces a U.S. indictment for allegedly masterminding a $265 million bribery scheme targeting Indian officials. The legal turmoil has impacted Adani Group's stock and bonds, spurring controversies and potential legal proceedings in both Kenya and India.

Indian billionaire Gautam Adani finds himself at the center of a major international scandal following a U.S. indictment accusing him of playing a significant role in a $265 million bribery operation aimed at Indian officials. This legal turmoil is shaking his $142 billion business spanning ports to soybeans.

Called "The Corrupt Solar Project" by U.S. prosecutors, the accusations entail bribery linked to power supply deals from energy projects in India. Adani, one of the globe's wealthiest individuals, is charged alongside seven others, marking the most severe challenge to his business empire.

The allegations triggered a sharp drop in Adani Group bonds and nearly $27 billion wiped off the company's stock value. In response, Kenya scrapped over $2.5 billion in infrastructure deals with the conglomerate. Meanwhile, Indian opposition parties demand investigations into the matter, promising to raise this issue in parliament.

(With inputs from agencies.)