Shockwaves through Adani Group as U.S. Indicts Gautam Adani

Billionaire Gautam Adani faces U.S. indictment over alleged $265 million bribery scheme in power deals. The accusations have impacted Adani Group's global operations, leading to financial scrutiny, deal cancellations, and political distancing in India. Adani denies wrongdoing and plans legal action.

Billionaire Gautam Adani is at the center of a major U.S. indictment that accuses him of orchestrating a $265 million bribery scheme involving power supply contracts in India. This legal challenge, dubbed 'The Corrupt Solar Project' by authorities, marks the most significant threat to Adani's business empire, which spans ports, energy, and more.

The indictment, which includes charges against seven others, places intense focus on Adani Green Energy, a subsidiary involved in the contracts under scrutiny. In response, Adani Group dismisses the allegations as unfounded and intends to exhaust all legal avenues. Meanwhile, Prime Minister Modi's government distances itself amid political pressure and claims of favoritism.

Financial ramifications are already apparent, with stock pressure and lowered credit ratings affecting Adani Group. Globally, backlash includes paused investments and deal cancellations, particularly in Kenya, Sri Lanka, and Bangladesh, as the legal saga unfolds and further clouds the future of Gautam Adani and his conglomerate.

(With inputs from agencies.)