Prosecutors in New York have charged Gautam Adani and two other executives with participating in a scheme to pay bribes to Indian government officials in order to secure solar energy contracts. The five-count indictment alleges that the defendants lied to US investors in their attempt to raise money. US authorities had been investigating Adani Group for possible bribery and improper payments in India, while the SEC has also filed a civil lawsuit.
Gautam Adani Indicted for Bribery and Fraud
Background
Gautam Adani, the billionaire founder and chairman of the Adani Group, has been charged by US prosecutors with participating in a bribery scheme involving Indian government officials. The indictment alleges that Adani and two other executives paid bribes to secure solar energy contracts, and then lied to investors when raising money.
The Adani Group is one of India's largest conglomerates, with interests in infrastructure, energy, and real estate. The company has been accused of corruption in the past, but this is the first time that Adani himself has been charged.
Indictment
The indictment, unsealed on Wednesday, October 19, 2022, alleges that Adani, Manoj Thakkar, and Rajesh Gupta paid bribes to Indian government officials in order to secure solar energy contracts. The defendants are also accused of lying to US investors in their attempt to raise money.
The indictment alleges five counts:
Investigation
US authorities have been investigating the Adani Group for possible bribery and improper payments in India since at least 2021. The SEC has also filed a civil lawsuit against the company.
The investigation has focused on Adani's use of shell companies in Mauritius and the United Arab Emirates to route bribes to Indian officials.
Reaction
The indictment has sent shockwaves through India and the business community. Adani has denied the charges, and has vowed to fight them in court.
The Indian government has said that it will cooperate with the US investigation.
FAQs
Spright Agro, a leading player in the sector, has announced the launch of an expert investment program on Whatsapp to provide valuable and timely advice to industry players. This program aims to assist individuals and organizations in making wise investments and staying updated on the latest market trends. By partnering with Spright Agro for investment advice, players can stay ahead of the competition and achieve financial success in the sector.
On Sunday, KLE Society Chairman Prabhakar Kore inaugurated the Kore Prabhakar Sahukar Co-operative Credit Society at Ankali near Chikkodi in Belagavi district. During the event, Jagadguru Channasiddarama Panditaradhya Swamiji of Yadur and Srishaila Peetha urged leaders of cooperative societies to provide selfless service to society for the benefit of the economically and socially backward, farmers, and the poor. Other prominent figures, such as Rani Channamma Urban Bank chairperson Asha Kore and CB Kore Co-operative Sugar Factory president Mallikarjuna Kore, were also present at the event.
The Adani Group, a major Indian conglomerate, faced a devastating blow on Thursday as its stock prices plunged by as much as 20% following the indictment of its founder and chairman, Gautam Adani. Adani and seven other individuals were charged with paying over $250 million in bribes to Indian government officials in order to secure lucrative solar energy contracts. The fallout from the scandal has also impacted other stocks in Adani's portfolio, including Adani Green Energy and Adani Total Gas. Stay updated on this developing story with Zee Business's comprehensive coverage on various platforms.
The chair of Adani Group, Gautam Adani, has been indicted in New York for his alleged involvement in a multibillion-dollar bribery and fraud scheme, according to US prosecutors. Adani and seven other defendants, including his nephew Sagar Adani, are accused of paying $265 million in bribes to Indian government officials in order to secure contracts and develop a massive solar power plant project in India. The scheme is expected to generate $2 billion in profit over 20 years.
Luxury carmaker Jaguar has revealed a dramatic rebranding, showcasing its new "leaper" cat emblem and provocative slogan, "Delete Ordinary." With its Exuberant Modernism philosophy, the brand aims to make a statement in the luxury car market, focusing on originality and fearless creativity. This transformation is a tribute to Jaguar's founder, Sir William Lyons, and sets the tone for a future where the brand pushes boundaries and defies convention. As Jaguar leaves behind the mundane and enters an era of daring, dynamic vision, they invite audiences to stay updated on their journey of fearless expansion and evolution.
Zomato CEO Deepinder Goyal has garnered attention with his unconventional job opening for a Chief of Staff position. The selected candidate will receive no salary in the first year and will have to pay an advance of Rs 20 lakh. Goyal clarified that this approach is meant to attract individuals driven by learning and contribution, rather than financial gain. This unique hiring process sets a new precedent in the Indian business industry and is being met with both curiosity and skepticism.
The US Securities and Exchange Commission (SEC) has charged Gautam Adani, chairman of the Adani Group, along with his nephew and another executive with allegedly committing securities and wire fraud. The complaint alleges that Adani Green Energy Limited and Azure Power Global Limited obtained funds from US investors and global financial institutions through false statements related to a solar energy project in India. The US Attorney's Office has also unsealed criminal charges against the accused individuals.
As investors continue to sell off Ethereum, on-chain data shows a mix of capitulation and profit-taking among long-term holders. With losses of $141.3 million and profits of $230 million realized in recent days, Ethereum's mean coin age has also seen a notable spike, indicating selling activity from the one to three-year cohort. Keep an eye on these metrics to see if selling pressure strengthens and affects the price of ETH.
In a long-standing legal battle over the Massey Ferguson tractor brand, TAFE, a well-known tractor manufacturer based in Chennai, has declared a legal victory against AGCO, a global leader in agriculture machinery. The Madras High Court has granted TAFE the right to continue using the brand, recognizing their sixty-year history with it. TAFE boasts a strong reputation for quality and a vast distribution network, making them a formidable presence in the global market.