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Gautam Adani

Gautam Adani, the billionaire chairman of the Adani Group, has been indicted in the United States alongside his nephew Sagar Adani and six others on charges related to an alleged bribery and fraud scheme. The U.S. Department of Justice (DoJ) claims that they orchestrated a scheme to pay approximately $265 million in bribes to Indian government officials to secure solar energy supply contracts expected to yield profits of over $2 billion over 20 years. The charges include securities fraud, conspiracy to commit securities fraud, wire fraud conspiracy, and violations of the Foreign Corrupt Practices Act (FCPA).


Following these allegations, shares of several Adani Group companies witnessed significant declines, with some dropping by up to 20%. The market capitalization of the Adani Group saw a reduction of around Rs 2.25 lakh crore on November 20, 2024. The indictment has led to political reactions in India, with opposition leaders demanding investigations and even the arrest of Gautam Adani, accusing the Indian government of protecting him.


Adani Group has denied these allegations, describing them as "baseless" and stating they would seek all possible legal recourse. They've clarified that no direct bribery charges are listed against Gautam Adani, Sagar Adani, or Vneet Jaain in the DoJ indictment.


The U.S. has issued arrest warrants for Gautam Adani and Sagar Adani, with plans to coordinate with foreign law enforcement for further action. This situation has also led to scrutiny of governance practices within the Adani Group by financial analysts and rating agencies like Moody's, labeling it as a "credit negative" for the conglomerate's companies.


The legal proceedings are expected to have broader implications on the group's business operations and India's corporate governance landscape.






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