Billionaire and chair of the Indian conglomerate Adani Group, Gautam Adani, was indicted in the U.S. on Wednesday for an alleged scheme to pay hundreds of millions of dollars in bribes and concealing the scheme from American investors.
The Details: According to a report from the New York Post, prosecutors said authorities charged Adani and two other executives at Adani Green Energy with agreeing to pay more than $250 million in bribes to Indian government officials for solar energy supply contracts between 2020 and 2024. The contracts were worth $2 billion in profits.
Prosecutors also said Adani Green Energy raised more than $3 billion in loans and bonds based on false and misleading statements.
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Five other people were indicted on related criminal conspiracy charges, including two executives of another renewable energy company, and three employees of a Canadian institutional investor.
Why It Matters: Adani is no stranger to controversy and has been targeted by short-seller Hindenberg Research who alleged financial and accounting irregularities in a 106-page report. The report alleged the Adani Group was involved in stock manipulation and accounting fraud spanning several decades.
Adani Group issued a 413-page rebuttal in response, categorically dismissing Hindenburg's report as false and accusing the research firm of spreading selective misinformation. Adani Group defended its accounting practices and denied any wrongdoing.
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