Adani Group in Crisis: Fraud Allegations Spark Global Fallout

Indian billionaire Gautam Adani faces U.S. indictment for fraud, accused of bribing Indian officials in a $265 million scheme to secure power-supply deals. The charges have severely impacted the market value of Adani Group companies, leading to significant business disruptions, including the cancellation of a major airport procurement in Kenya.

Gautam Adani, the Indian billionaire, has been indicted for fraud by U.S. prosecutors, with arrest warrants issued for him and his nephew, Sagar Adani. They are alleged to have orchestrated a $265 million scheme to bribe Indian officials for power-supply contracts.

These allegations have resulted in significant financial repercussions for the Adani Group, with a market value dive and the cancellation of a $600 million bond sale. Furthermore, Kenya's President William Ruto halted a major airport procurement process involving the conglomerate.

The indictment marks a significant crisis for the Adani Group, following a previous scandal with Hindenburg Research. As a result, Indian opposition parties demand an investigation, sparking a political and financial storm around one of the world's richest individuals.

(With inputs from agencies.)