Tuesday, June 3, 2025
  • Business
  • Investing
  • World-news
  • Stock
No Result
View All Result
Finance Mastery News
Advertisement
  • Business
  • Investing
  • World-news
  • Stock
No Result
View All Result
Finance Mastery News
No Result
View All Result
Home Business

India’s 2nd-wealthiest person charged by U.S. in $250 million bribery scheme

admin by admin
November 22, 2024
in Business
0
India’s 2nd-wealthiest person charged by U.S. in $250 million bribery scheme
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

U.S. prosecutors have charged Gautam Adani, India’s second-richest person, with fraud over accusations that he and several alleged co-conspirators sought to pay $250 million in bribes to Indian officials.

The U.S. attorney’s office in Brooklyn, New York, accused the executives, most of them Indian, on Wednesday of obtaining funds from investors in the U.S. and other international lenders “on the basis of false and misleading statements” while, authorities say, they bribed Indian officials as they sought billions in solar power contracts.

“The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” U.S. Attorney Breon Peace said in a release accompanying the indictment. The defendants then “lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” Peace said.

The scheme, according to prosecutors, occurred from 2020 to this year.

Sagar Adani, Adani’s nephew, is also named as a defendant. The Securities and Exchange Commission separately announced charges of civil fraud Wednesday.

Gautam Adani, 62, who is worth about $70 billion, according to Forbes, heads Adani Group, an industrial conglomerate that holds stakes in logistics and energy units. Adani Group itself is not named in the indictment, which refers to an unnamed “Indian renewable-energy company” that was “a portfolio company of an Indian conglomerate.”

The SEC complaint, meanwhile, directly names Adani Green Energy Ltd., a unit of Adani Group.

In a statement on Thursday, Adani Group denied the allegations, calling them “baseless.”

“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations,” a spokesperson said in a statement. “We assure our stakeholders, partners and employees that we are a law-abiding organization, fully compliant with all laws.”

The news sent shares of Adani Group companies plunging in India on Thursday, CNBC reported. Its flagship Adani Enterprises fell 23%, while Adani Energy fell 20%. Adani Green Energy, the company at the center of the bribery allegations, was down 18.95%.

Adani Green Energy also canceled plans to sell $600 million in U.S. dollar-denominated bonds.

India’s opposition party has accused Adani of benefiting from his strong ties to Indian Prime Minister Narendra Modi.

“We know that there is going to be no government institution that is going to help put Mr. Adani where he belongs,” Rahul Gandhi, leader of the Indian National Congress, said Thursday. “We know that because the entire government is controlled by the prime minister.”

Last year, a prominent U.S. short-seller, or a firm that bets on the price of another company’s stock to fall, accused Adani Group of fraud, highlighting alleged discrepancies in its official filings.

The findings from the short-seller, Hindenburg Research, caused Adani Group shares to tumble — but they ended up recovering following a favorable ruling related to the allegations by India’s Supreme Court.

Modi never commented publicly on the Hindenburg allegations.

“Since releasing our January 2023 report identifying Adani as the largest corporate con in history, we have never wavered in our view,” Hindenburg said in an emailed statement on Wednesday, “nor has Adani ever refuted our findings.”

This post appeared first on NBC NEWS

Previous Post

Cambridge Dictionary’s word of the year 2024 is all about thinking positive

Next Post

McDonald’s preparing a 2025 ‘McValue’ offering

admin

admin

Next Post
McDonald’s preparing a 2025 ‘McValue’ offering

McDonald’s preparing a 2025 ‘McValue’ offering

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    • Trending
    • Comments
    • Latest
    Criminals are looting millions from ATMs in Europe. Here’s why Germany is a prime target

    Criminals are looting millions from ATMs in Europe. Here’s why Germany is a prime target

    October 28, 2024
    Israeli MP behind bill to expel key UN agency accuses US of interfering with process

    Israeli MP behind bill to expel key UN agency accuses US of interfering with process

    October 28, 2024
    British nurse Lucy Letby loses bid to appeal single attempted murder conviction

    British nurse Lucy Letby loses bid to appeal single attempted murder conviction

    October 25, 2024
    North Korean troops spotted in Russian border region with Ukraine, says Kyiv

    North Korean troops spotted in Russian border region with Ukraine, says Kyiv

    October 25, 2024
    How a Trump-fueled brain drain could be the rest of the world’s brain gain

    How a Trump-fueled brain drain could be the rest of the world’s brain gain

    0
    Private payroll growth slowed to 122,000 in July, less than expected, ADP says

    Private payroll growth slowed to 122,000 in July, less than expected, ADP says

    0
    The 10 worst states to retire in the U.S. No. 1 isn’t California or New York

    The 10 worst states to retire in the U.S. No. 1 isn’t California or New York

    0
    Boeing taps aerospace veteran Ortberg to replace Dave Calhoun as CEO

    Boeing taps aerospace veteran Ortberg to replace Dave Calhoun as CEO

    0
    How a Trump-fueled brain drain could be the rest of the world’s brain gain

    How a Trump-fueled brain drain could be the rest of the world’s brain gain

    June 2, 2025
    Athletes, coaches and officials among 22 killed in road accident in northern Nigeria

    Athletes, coaches and officials among 22 killed in road accident in northern Nigeria

    June 2, 2025
    Poland’s presidential election on a knife edge after heated election, exit polls show

    Poland’s presidential election on a knife edge after heated election, exit polls show

    June 2, 2025
    Ukraine targets several Russian air bases in large-scale operation ‘Spiderweb’

    Ukraine targets several Russian air bases in large-scale operation ‘Spiderweb’

    June 2, 2025

    Recent News

    How a Trump-fueled brain drain could be the rest of the world’s brain gain

    How a Trump-fueled brain drain could be the rest of the world’s brain gain

    June 2, 2025
    Athletes, coaches and officials among 22 killed in road accident in northern Nigeria

    Athletes, coaches and officials among 22 killed in road accident in northern Nigeria

    June 2, 2025
    Poland’s presidential election on a knife edge after heated election, exit polls show

    Poland’s presidential election on a knife edge after heated election, exit polls show

    June 2, 2025
    Ukraine targets several Russian air bases in large-scale operation ‘Spiderweb’

    Ukraine targets several Russian air bases in large-scale operation ‘Spiderweb’

    June 2, 2025

    Disclaimer: financemasterynews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Browse by Category

    • Business
    • Investing
    • Stock
    • World-news

    Recent News

    How a Trump-fueled brain drain could be the rest of the world’s brain gain

    How a Trump-fueled brain drain could be the rest of the world’s brain gain

    June 2, 2025
    Athletes, coaches and officials among 22 killed in road accident in northern Nigeria

    Athletes, coaches and officials among 22 killed in road accident in northern Nigeria

    June 2, 2025
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 financemasterynews.com | All Rights Reserved

    No Result
    View All Result

    Copyright © 2025 financemasterynews.com | All Rights Reserved