Indian billionaire Gautam Adani and his nephew, Sagar Adani, face serious allegations in the United States over a $265 million bribery scheme to secure lucrative solar energy contracts in India. US prosecutors have issued arrest warrants for both, accusing them of conspiring to pay bribes to Indian officials to develop the country’s largest solar power project, expected to generate $2 billion in profits over 20 years.
Adani and other executives of Adani Green Energy are also accused of misleading international investors, raising over $3 billion through loans and bonds while hiding alleged corruption. The charges include securities fraud, wire fraud conspiracy, and violations of anti-bribery laws.
Shares of Adani Group companies plummeted, with Adani Enterprises falling over 23% on the Mumbai Stock Exchange, wiping out $27 billion in market value. Adani Green Energy halted a $600 million bond sale following the allegations.
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Adani Group has denied the charges, calling them “baseless” and promising legal action. Opposition leader Rahul Gandhi has called for Adani’s immediate arrest, accusing Prime Minister Narendra Modi of shielding him.
The case has intensified scrutiny of Adani Group’s dealings, further shaking investor confidence in the conglomerate.
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