Adani Group Faces U.S. Legal Storm Over Bribery Allegations

Gautam Adani, a prominent Indian billionaire, has been charged in the U.S. for allegedly orchestrating a $265 million bribery scheme to secure solar power contracts in India. The allegations have serious implications for Adani's business empire, potentially affecting investor confidence and offering political ammunition against the Indian government.

Gautam Adani, India's second-richest individual, faces serious allegations by U.S. prosecutors, accusing him and associates of orchestrating a $265 million bribery scheme. The scheme allegedly involved paying Indian officials for favorable solar power contracts, raising significant concerns for Adani's extensive conglomerate.

The indictment describes how Adani Green Energy, a key arm of the group, secured solar power deals through corrupt practices, including paying government officials in Andhra Pradesh and Odisha. The U.S. Department of Justice claims that this fraud was facilitated by false statements regarding the firm's anti-bribery policies.

This high-profile case may impact Adani group's market value and investor trust significantly, with political repercussions expected as Indian Parliament enters its winter session. The opposition has already called for action against Adani, intensifying scrutiny on government dealings with the billionaire's ventures.

(With inputs from agencies.)