Bribery Scandal Shakes Adani Empire

The U.S. Securities and Exchange Commission has summoned Indian billionaire Gautam Adani on bribery allegations. The SEC claims Adani and his nephew bribed officials to gain contracts for a $750 million bond. This has resulted in arrest warrants and significant market impacts for the Adani Group.

The U.S. Securities and Exchange Commission (SEC) has intensified its scrutiny of Indian billionaire Gautam Adani by issuing a legal summons against him. The SEC alleges that Adani, along with his nephew Sagar Adani, engaged in substantial bribery to promote an Adani company under false pretenses.

Claims against the Adanis include the illicit exchange of hundreds of millions of dollars, overshadowed by a $750 million bond offering. Court documents underscore the urgency, demanding a response within 21 days. The legal ramifications could strip the Adanis of their ability to serve as officers in listed companies, accompanying monetary penalties.

Adani Group's representatives rebutted these allegations, branding them as 'baseless.' Federal authorities, however, insist the charges stem from a larger scheme to secure contracts for India's largest solar power project. This scandal marks another crisis for the Adani conglomerate, causing significant financial repercussions and the cancellation of international deals.

(With inputs from agencies.)