Legal Turmoil: Adani Faces U.S. Securities Charges

Indian billionaire Gautam Adani has been charged by U.S. authorities for securities law violations, facing potential fines but not under the U.S. Foreign Corrupt Practices Act. Accusations involve a $265 million bribery scheme for securing power supply contracts. Adani Green denies these claims, seeking legal recourse.

Indian billionaire Gautam Adani has come under fire from U.S. authorities, who have charged him with alleged securities law violations. While he has not been charged under the U.S. Foreign Corrupt Practices Act, the case could result in significant fines for Adani.

The allegations were announced by the U.S. Securities and Exchange Commission last week, naming Adani, his nephew Sagar Adani, and Vneet S. Jaain, managing director of Adani Green. They are accused of orchestrating a $265 million bribery scheme to secure Indian power supply contracts while misleading American investors.

Despite these charges, Adani Green has strongly denied the accusations, labeling them as baseless and stating that the company will pursue all available legal remedies. The charges also include securities fraud conspiracy, wire fraud conspiracy, and securities fraud. This case runs parallel to an indictment by U.S. federal prosecutors.

(With inputs from agencies.)