Indian Billionaire

Gautam Adani, an Indian billionaire and close associate of Prime Minister Narendra Modi, has been indicted by US authorities for his alleged involvement in a multi-billion-dollar bribery and fraud scheme. The indictment, announced by the Department of Justice, accuses Adani and seven other executives, including his nephew Sagar Adani, of orchestrating a scheme to bribe Indian government officials to secure lucrative solar energy contracts. The allegations have sent shockwaves through the Adani Group, a sprawling conglomerate with interests in various sectors, including ports, power, and renewable energy. Shares in the group's listed companies plummeted following the indictment, wiping out billions of dollars in market value. The DOJ alleges that Adani and his associates promised over $250 million in bribes to Indian officials to secure solar energy contracts that were projected to generate more than $2 billion in profits over a […]