Gautam Adani: Bribery Scandal Shakes Billionaire Empire

Gautam Adani, an Indian billionaire, has been indicted by U.S. prosecutors for his alleged involvement in a $265 million bribery scheme. This indictment has led to a significant downturn for his conglomerate, affecting share prices and raising allegations of corruption and securities fraud.

Indian billionaire Gautam Adani faces a major legal challenge as U.S. prosecutors indict him for his alleged role in a $265 million bribery scheme. This new legal turmoil adds to a series of crises for Adani's business empire, impacting shares and bonds significantly.

Charges against Adani include securities fraud, conspiracy, and wire fraud conspiracy, along with a parallel case filed by the U.S. Securities and Exchange Commission. Arrest warrants have been issued for Adani and his nephew Sagar Adani, with plans to involve foreign law enforcement.

The allegations involve bribery activities to secure contracts for developing a massive solar power plant in India. The fallout has further strained Adani's conglomerate, resulting in a 17% dip in shares for Adani Green Energy and over $28 billion lost in market value.

(With inputs from agencies.)