Gautam Adani Indicted in Bribery Scheme

Gautam Adani, chair of the Adani Group, and several executives have been indicted in the U.S. for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts from the Indian government. Prosecutors claim that between 2020 and 2024, the defendants conspired to pay bribes to Indian officials, with expectations of generating $2 billion in profits from the contracts. The scheme involved raising over $3 billion from U.S. investors based on false representations, including claims of a robust anti-bribery compliance program. The indictment is part of a broader investigation into the Adani Group, which faced scrutiny from Hindenburg Research earlier this year for alleged financial misconduct. The U.S. Securities and Exchange Commission (SEC) has also charged Adani and his associates for violating federal antifraud laws. The Adani Group has yet to respond to these serious allegations.