Billionaire Gautam Adani of India Adani Group don dey charged for US with bribery, fraud

Di Billionaire Gautam Adani, chair of India Adani Group, don dey charged for US with bribery and fraud for allegedly paying $265 million bribes to Indian government officials to take secure contracts worth $2 billion in profit.

Adani and seven odas defendants, including him nephew Sagar Adani, dem accuse dem say dem hide corruption from lenders and investors to take raise over $3 billion for loans and bonds.

Di charges include securities fraud, wire fraud conspiracy, and violating di Foreign Corrupt Practices Act.

Adani, wey ova worth $69.8 billion, na one of di few billionaires wey dem formally accused of criminal wrongdoing for US.

Di charges come afta one US short-seller accuse Adani Group say dem use offshore tax havens improperly, wey di company deny, and e come spark $150 billion meltdown in Adani Group stocks.

Gautam Adani, di billionaire chair of Indian conglomerate Adani Group and one of di world richest pipo, don dey indicted for New York ova him role for di alleged multibillion-dollar bribery and fraud scheme, U.S. prosecutors talk on Wednesday.

Authorities come talk say Adani and seven odas defendants, including him nephew Sagar Adani, agree to pay about $265 million in bribes to Indian government officials to take obtain contracts wey dem expect to yield $2 billion of profit ova 20 years, and to take develop India largest solar power plant project.

Prosecutors also talk say di Adanis and anoda executive for Adani Green Energy, former CEO Vneet Jaain, come raise more than $3 billion loans and bonds by hiding dia corruption from lenders and investors.

According to indictment, some conspirators refer privately to Gautam Adani with di code names “Numero uno” and “di big man,” while Sagar Adani allegedly use him cellphone to track specifics about di bribes.

Adani Group no immediately respond to di requests for comment outside business hours for India, wia dem announce di charges early Thursday morning.

India embassy for Washington no immediately respond to di requests for di comment.

Lawyers for di defendants too no fit immediately identify.

Gautam Adani, Sagar Adani and Jaain dem charge with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and di Adanis dem also charge for U.S. Securities and Exchange Commission civil case.

Di oda five defendants dem charge with conspiring to violate di Foreign Corrupt Practices Act, one U.S. anti-bribery law, and four of dem dey charge with conspiring to obstruct justice.

None of di defendants dey custody, one spokesperson for U.S. Attorney Breon Peace for Brooklyn talk. Gautam Adani dem believe say e dey India.

Built Empire

Di 62-year-old Adani worth $69.8 billion according to di Forbes magazine, and one of di few billionaires formally accused for di United States of criminal wrong doing.

Him fortune make am di world 22nd-richest pesin, and second-richest for India behind Reliance Industries Chair Mukesh Ambani, Forbes talk.

Adani grow up for India Gujarat state, and him drop out of school wen him dey age 16.

Him found Adani Group for 1988 as commodities trading firm, and him build business empire wey don include airports, shipping ports, power generation, energy transmission and mining companies.

Di charges dem announce hours afta Adani for Wednesday raise $600 million by selling 20-year “green” bonds.

Dem also come nearly two years afta U.S. short-seller Hindenburg Research accuse Adani Group of using offshore tax havens improperly, wey di company deny.

Hindenburg January 2023 report spark approximately $150 billion meltdown in Adani Group stocks.

Adani Planned Investments, Congratulated Trump

Odas wey dem criminally charge on Wednesday include Ranjit Gupta and Rupesh Agarwal, respectively former CEO and former chief strategy and commercial officer of Azure Power Global, wey authorities talk agree to pay some of di bribes.

Di remaining criminal defendants work for Caisse de Depot et Placement du Quebec, one Canadian institutional investor, and include Cyril Cabanes, wey also be Azure director.

Him also dey charged with wrong doing by di SEC.

All di defendants na Indian citizens apart from Cabanes, dual French-Australian citizen wey don live for Singapore, prosecutors talk.

According to court records, one judge don issue arrest warrants for Gautam Adani and Sagar Adani, and prosecutors plan to hand dose warrants to foreign law enforcement.

Last week, Gautam Adani post for social media platform X say him conglomerate plan to invest $10 billion in U.S. energy security and infrastructure projects, creating potential 15,000 jobs, without providing timetable.

Adani announce di investment while also congratulating U.S. President-elect Donald Trump for him election win.

Trump don pledge to make am easier for energy companies to drill for federal land and build new pipelines.

Indian Prime Minister Narendra Modi, also from Gujarat, don dey accused by political opponents of protecting Adani and him companies, including from Hindenburg accusations.

Modi don dismiss di opposition claims as “lies and abuses.”

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