Gautam Adani Indicted: Billionaire Faces Bribery and Fraud Charges

Gautam Adani, head of the Adani Group, is indicted in the U.S. over a $265 million bribery scheme. Bribes were allegedly paid to secure Indian contracts for a solar project. The scandal led to significant financial fallout, affecting Adani's companies and associates involved in the scheme.

The billionaire chair of Adani Group, Gautam Adani, stands indicted in New York for allegedly playing a role in a $265 million bribery scheme, according to revelations from U.S. prosecutors.

Authorities assert that Adani and seven others, among them his nephew Sagar Adani, purportedly paid off Indian government officials to secure lucrative contracts potentially yielding $2 billion over two decades and aimed at developing India's foremost solar power project. Legal actions have now been initiated, with arrest warrants for the Adanis set to be handed to international law enforcement.

The fallout from this scandal has immediate repercussions. The Adani empire, which previously endured a short-seller assault, sees its corporate shares plummet by 10% to 20%. Moreover, Adani Green Energy retracts plans to bolster funds through a $600 million bond after news of the indictment surfaced, underscoring the ongoing instability within the group.

(With inputs from agencies.)