Indian billionaire Gautam Adani and other executives have been indicted in New York over a multi-billion-dollar fraud scheme.
The revelation by the US Department of Justice noted that Adani and several other people including his nephew Sagar Adani promised to pay bribes exceeding $250 million to the Indian government in order to secure solar energy contracts.
According to Deputy Assistant Attorney General Lisa Miller the bribes were to “to lie to investors and banks to raise billions of dollars, and to obstruct justice,”
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The Adani group which is valued at more than $85 billion was eying to make more than $2 billion in profits after tax over a period of 20 years.
The scheme which was done between the year 2020 and 2024 is reported that Adani personally met an Indian government official to seal the deal including the payment of bribes with all the evidence captured on the phone as revealed by the authorities.
Authorities in the US have conclusively obtained the evidence through the phone which tracked all the bribe payment and how it would be concealed. Other evidences include an excel and PowerPoint presentation to explain how the deal was struck.
In another charge sheet, the Securities and Exchange Commission has charged both both Adanis (as executives of Adani Green Energy Ltd) and Cyril Cabanes, an executive of Azure Power Global for their involvement in the contract that was to raise more than $175 million form US investors.
The charges include a deliberate plot to manipulate the stock market to give the Adani group a higher valuation thus higher profits.
