An Indian businessman, known as one of the world's wealthiest individuals, has been indicted in the United States on charges related to a solar energy project in India. Gautam Adani, aged 62, faces allegations of securities fraud and conspiracy to commit securities and wire fraud. The indictment, unsealed recently, accuses Adani of deceiving investors who had invested billions of dollars in the solar project by concealing a bribery scheme.
The charges claim that Adani failed to disclose a plan to secure solar energy contracts by allegedly paying over $250 million in bribes to Indian officials. Alongside Adani, several others associated with him, his businesses, and the project have also been charged. The group is accused of attempting to secure significant state energy contracts through corrupt practices, to the detriment of U.S. investors.
Adani, a prominent figure in India, initially amassed his wealth in the coal industry during the 1990s. His business empire, the Adani Group, has diversified into various sectors, including defense equipment manufacturing, infrastructure development, and consumer goods.
In recent years, Adani has shifted focus towards renewable energy, aligning with a sustainable growth ethos encapsulated in the company's motto: 'Growth with Goodness.' However, last year, a U.S.-based financial research firm accused Adani and his conglomerate of engaging in stock manipulation and accounting fraud.
The Adani Group refuted these allegations, dismissing them as a blend of misinformation and baseless claims. The accusing firm, identified as a short-seller, had reportedly taken financial positions betting against the Adani Group's stock prices.
