Solar Scandal: Billionaire Gautam Adani Faces Bribery & Fraud Charges

Gautam Adani, India's second-richest man, is charged by US prosecutors for allegedly bribing Indian officials to secure solar power contracts. The alleged scheme involved millions in bribes to Andhra Pradesh and Odisha officials, with potential profits exceeding USD 2 billion over 20 years.

Billionaire Gautam Adani, one of India's wealthiest individuals, has been indicted in the U.S. on accusations of bribery and securities fraud. The charges arise from an alleged scheme to pay USD 265 million in bribes to Indian officials to secure advantageous solar power contracts.

Prosecutors claim Adani, alongside seven others, including his nephew, orchestrated the payment of bribes to officials in Andhra Pradesh and Odisha. The purpose was to obtain lucrative solar power contracts, potentially yielding over USD 2 billion in profits across two decades.

The charges, which the Adani group vehemently denies, have caused a substantial impact on its stock market valuation, losing about USD 26 billion. The group's plans for a USD 600 million bond issuance were also scrapped amid these allegations.

(With inputs from agencies.)