Indian billionaire Gautam Adani indicted in US for multi-billion dollar fraud

Gautam Adani, the chairman of the Adani Group and one of the richest individuals in the world, was indicted in New York for being involved in a vast fraud scheme.

US prosecutors revealed that Adani, along with two top executives from his renewable energy company Adani Green Energy his nephew Sagar Adani and Vneet Jaain are accused of paying over $250 million in bribes to Indian government officials between 2020 and 2024.

These payments were made to secure solar energy supply contracts that were expected to generate $2 billion in profits. 

Adani's company also raised $3 billion in loans and bonds through suspicious means, which has been included as a charge by prosecution.

Several other charges are also involved in the fraud case, with five suspects facing charges related to these malpractices. Executives from another renewable energy company and employees of a Canadian investment firm are also among the accused.

US authorities have issued arrest warrants for Gautam and Sagar Adani, and they plan to coordinate with international law enforcement agencies to execute the warrants. 

The US Securities and Exchange Commission has also filed separate civil charges against the Adani’s and Cyril Cabanes, a French-Australian dual citizen and executive at Azure Power Global, who was identified as one of the Canadian investor’s employees. 

According to Forbes, Gautam Adani’s net worth is currently estimated at $69.8 billion, making him the 22nd richest person in the world.