NEW YORK (Reuters) – Gautam Adani, chairman of Indian conglomerate Adani Group and one of many world’s richest individuals, has been indicted in New York in an alleged multibillion-dollar fraud scheme, U.S. prosecutors mentioned on Wednesday.
Authorities have accused Adani and two different executives of Adani Green Energy, his nephew Sagar Adani and Vneet Jaain, of agreeing between 2020 and 2024 to pay greater than $250 million in bribes to Indian authorities officers to acquire vitality contracts. photo voltaic vitality provide that’s anticipated to herald $2 billion. income.
Prosecutors mentioned the renewable vitality firm additionally raised greater than $3 billion in loans and bonds throughout this era primarily based on false and deceptive statements.
Five different individuals had been hit on conspiracy fees, together with two executives of one other renewable vitality firm and three staff of a Canadian institutional investor.
Adani Group didn’t instantly reply to requests for remark exterior enterprise hours in India, the place the costs had been introduced early Thursday morning.
The Indian embassy in Washington didn’t instantly reply to a request for remark.
According to court docket paperwork, a choose has issued arrest warrants for Gautam Adani and Sagar Adani, and prosecutors plan to show these warrants over to international legislation enforcement.
Seven of the eight defendants are Indian residents and lived in India, whereas the eighth, Cyril Cabanes, has twin French-Australian citizenship and lived in Singapore, prosecutors mentioned.
The U.S. Securities and Exchange Commission filed associated civil fees towards Gautam Adani, Sagar Adani and Cabanes, 50, an govt at Azure Power Global. Prosecutors recognized Cabanes as one of many Canadian investor’s staff.
According to Forbes journal, Gautam Adani is price $69.8 billion, making him the twenty second richest particular person on the earth.
(Reporting by Luc Cohen and Jonathan Stempel in New York; Editing by Lisa Shumaker and Jonathan Oatis)
