Bribery Scandal Rocks Adani Group: Global Consequences Loom

Gautam Adani, chair of Adani Group, faces charges in a $265 million bribery scheme involving Indian government officials, aiming to secure solar plant contracts. The indictment includes securities fraud and conspiracy charges, triggering significant stock declines and bond cancellations, further impacting Adani's global business interests.

Gautam Adani, renowned billionaire and head of the Indian conglomerate Adani Group, has been charged in New York over his alleged involvement in a $265 million bribery scheme. U.S. prosecutors accuse Adani and his nephew, Sagar Adani, of bribing Indian government officials to secure lucrative contracts.

The scheme, purportedly designed to generate $2 billion profit over two decades, centered on developing India's largest solar power plant. Arrest warrants have been issued for Gautam and Sagar Adani, with efforts underway to involve foreign law enforcement.

The indictment also charges Adani Group's former executive Vneet Jaain with securities fraud, alongside other financial misconducts. The scandal sent shares of Adani's listed companies plummeting and led to the cancellation of a significant bond issue.

(With inputs from agencies.)