• Latest
  • Trending
  • All

US charges Indian billionaire with fraud

November 21, 2024

Iranian-Americans protest against Iran’s team outside opening round World Cup game

June 16, 2026

Eight dead after US Air Force B-52 bomber crashes in California

June 16, 2026

How an ovary syndrome led to Bake Off star's fame

June 16, 2026

Trump may release US-Iran deal before Friday, Vance says

June 16, 2026

What is Helium-3 and could we get it from the moon?

June 16, 2026

Polls open on Thursday for the Makerfield by-election

June 16, 2026

Social media ban – bold and blunt, but no silver bullet

June 16, 2026

Alessio Dionisi: Watford appoint Italian as new head coach

June 15, 2026

Fox to buy Roku streaming firm in $22bn deal

June 15, 2026

Why I sold my business to my staff

June 15, 2026

The costs and challenges facing the 2026 World Cup

June 15, 2026

New microplastics research examines River Thames pollution

June 15, 2026
News
  • Login
  • Home
  • News
  • Sports
  • Worklife
  • Travel
  • Reel
  • Future
  • More
Tuesday, June 16, 2026
No Result
View All Result

NEWS

3 °c
London
8 ° Wed
9 ° Thu
11 ° Fri
13 ° Sat
  • Home
  • Video
  • World
    • All
    • Africa
    • Asia
    • Australia
    • Europe
    • Latin America
    • Middle East
    • US & Canada

    Iranian-Americans protest against Iran’s team outside opening round World Cup game

    Eight dead after US Air Force B-52 bomber crashes in California

    World Cup 2026: Nestory Irankunda – the refugee who quit Bayern to make Australia history

    Trump and thousands of others watch UFC fight on White House lawn

    South African TV star arrested after allegedly kidnapping man in girlfriend dispute

    Australia demands answers after girl taken hostage is shot dead by Pakistan police

    Norwegian crown princess's son found guilty of two counts of rape

    US musician Oliver Tree dies in helicopter collision in Brazil

    US and Iran agree deal to end war as Trump says Strait of Hormuz to reopen

  • UK
    • All
    • England
    • N. Ireland
    • Politics
    • Scotland
    • Wales

    Polls open on Thursday for the Makerfield by-election

    Alessio Dionisi: Watford appoint Italian as new head coach

    Reform pledges new tax on hiring foreign workers

    Gang guilty of organised crime in £4m cocaine and dirty money ring

    Pensioner suffocated neighbour and recorded his dying words, court told

    Reports nurses told by police to show ID to masked men during trouble – O'Neill

    Starmer set to ban under-16s from major social media platforms

    Hamilton says Barcelona win beyond wildest dreams

    Sinkholes near Purley bridge halt Gatwick trains

  • Business
    • All
    • Companies
    • Connected World
    • Economy
    • Entrepreneurship
    • Global Trade
    • Technology of Business

    What is Helium-3 and could we get it from the moon?

    Fox to buy Roku streaming firm in $22bn deal

    Why I sold my business to my staff

    Oil prices slide after Pakistan announces deal between US and Iran

    UK electric car sales target set to be weakened

    Why the US economy keeps defying the odds

    Teen plans to leave uni 'debt free' after making £35,000 selling vintage football shirts

    Beauty Pie LED mask ad banned over misleading anti-wrinkle claim

    Elon Musk becomes world's first trillionaire as SpaceX soars in stock market debut

  • Tech
  • Entertainment & Arts

    Meghan hits red carpet at Power of Women in Hollywood

    Margot Robbie unable to speak at Saltburn premiere

    Barbra Streisand: Siri can now pronounce my name

    Wes Anderson’s The Grand Budapest Hotel inspires cinema’s look

    Taylor Swift/ Travis Kelce romance reaches White House

    The Killers booed at Georgia concert after inviting Russian fan on stage

    Watch: Memorable moments from Parkinson's star-studded show

    Tom Jones: Neighbour surprised to find singer in flat below

    Black Country Folk Festival showcases local musicians

    Watch: Australians set new world record with Tina Turner dance

  • Science
  • Health
  • In Pictures
  • Reality Check
  • Have your say
  • More
    • Newsbeat
    • Long Reads

NEWS

No Result
View All Result
Home World Asia

US charges Indian billionaire with fraud

November 21, 2024
in Asia
7 min read
237 15
0
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Getty Images A close-up of Gautam Adani's face  wearing a white shirt and black suit jacket during a 2024 interview with Bloomberg newsGetty Images

Mr Adani’s business empire extends from ports and airports to renewable energy

Indian billionaire Gautam Adani has been charged with fraud in the US, which has accused him of orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US.

The criminal charges, filed on Wednesday in New York, are the latest blow to 62-year-old Mr Adani, one of Asia’s richest men, whose business empire extends from ports and airports to renewable energy.

In the indictment, prosecutors alleged the tycoon and other senior executives had agreed to the payments to Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years.

The Adani Group has denied the allegations, calling them “baseless”.

“All possible legal recourse will be sought,” it said in a statement.

Shares of Adani Enterprises, the group’s flagship firm, closed down 22% on Thursday. Other group firms also closed in the red. Adani Green Energy, which is the firm at the centre of the allegations, said it wouldn’t proceed with a $600m bond offering.

The conglomerate has been operating under a cloud since 2023, when US short-seller Hindenburg Research published a report accusing it of decades of “brazen” stock manipulation and accounting fraud.

The claims, which Mr Adani denied, prompted a major market sell-off and an investigation by India’s market regulator Securities and Exchange Board of India (Sebi).

Later, Hindenburg also accused Sebi’s chief Madhabi Puri Buch of having links with off-shore funds used by the Adani group – both Ms Buch and the group have denied this.

But the US indictment is one of the biggest challenges the group has faced. Apart from Mr Adani there are seven other defendants, including his nephew.

Reports of the bribery probe into the company have been circulating for months.

Prosecutors said the US started investigating the company in 2022, and found the inquiry obstructed.

They allege that executives raised $3bn in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm’s anti-bribery practices and policies, as well as reports of the bribery probe.

“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and… lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” US Attorney Breon Peace said in a statement announcing the charges.

“My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” he added.

On several occasions Mr Adani met personally with government officials to advance the bribery scheme, officials said.

The US Attorney positions in the US are appointed by the president. The filing comes just weeks after Donald Trump won election to the White House, pledging to overhaul the US Justice Department.

After Trump won, Mr Adani had congratulated him on social media and pledged last week to invest $10bn in the US.

Getty Images Signage for Adani Group at the construction site of an Adani Realty residential project in Mumbai, India, on Thursday, Nov. 21, 2024. Getty Images

The US indictment is one of the biggest challenges the Adani Group has faced

Michael Kugelman, director of the South Asia Institute at the Wilson Center, called the charges a “body blow” to the tycoon.

“For the last nearly two years, Mr Adani has been trying to rehabilitate his image, and [trying] to show that those earlier fraud allegations levelled by the Hindenburg group were not true, and his company and his businesses had actually been doing quite well,” he told the BBC’s Business Today programme.

But it might be harder for the billionaire, he said, to “shake off” the allegations made by US authorities.

US investment firm GQG Partners LLC, which has invested nearly $10bn in the Adani Group, has said that it is “monitoring the charges” and may take “appropriate” actions for its portfolios.

Moody’s Ratings said that the indictment was a “credit negative” for the group’s firms.

“Our main focus when assessing Adani Group is on the ability of the group’s companies to access capital to meet their liquidity requirements and on its governance practices,” it said.

The issue has also set off a political storm in India.

Mr Adani is a close ally of Indian Prime Minister Narendra Modi. He has long faced claims from opposition politicians alleging that he has benefited from his political ties, which he denies.

Opposition leader Rahul Gandhi demanded in a press conference that Mr Adani should be arrested and that Ms Buch should be removed from her position as Sebi chief. He accused Modi of protecting the businessman.

Modi and the government have not commented on the issue yet. Sambit Patra, a leader of the governing Bharatiya Janata Party (BJP), dismissed the accusations against Modi and said that it was up to the Adani Group to “issue a statement and defend itself”.

“The law will take its course,” he said.

Opposition parties have long demanded a joint parliamentary investigation into the Hindenburg allegations against the Adani Group. They are expected to raise the issue when the winter session of parliament begins next week.

Additional reporting by Nikhil Inamdar and Archana Shukla in Mumbai

Follow BBC News India on Instagram, YouTube, Twitter and Facebook.





Source link

Related Posts

Australia demands answers after girl taken hostage is shot dead by Pakistan police

June 15, 2026
0

Pakistani police said the nine-year-old was mistakenly shot as they pursued a group of armed robbers. Source link

Vincent's parents 'never say he's good enough' – so he turned to a middle-aged couple online

June 14, 2026
0

A niche group of content creators called "virtual parents" have become hugely popular among young people. Source link

More time needed for deadly Air India crash inquiry, officials say

June 13, 2026
0

A statement says "significant progress" has been made into investigating the crash, in which 260 people died a year...

  • Lee McGregor: Scot seeks world title in 2025 & Nathaniel Collins bout

    677 shares
    Share 271 Tweet 169
  • Belgian footballer arrested in cocaine investigation

    533 shares
    Share 213 Tweet 133
  • Next to raise prices to help pay for rising wage costs

    531 shares
    Share 212 Tweet 133
  • South Wales Police officers injured, one arrested

    525 shares
    Share 210 Tweet 131
  • Charities to get £15m fund to save surplus farm food

    516 shares
    Share 206 Tweet 129
  • Trending
  • Comments
  • Latest

Lee McGregor: Scot seeks world title in 2025 & Nathaniel Collins bout

January 16, 2025

Belgian footballer arrested in cocaine investigation

January 27, 2025

Next to raise prices to help pay for rising wage costs

January 7, 2025

World Cup 2022: TikTok brings football fever to millions of fans

0

UK economy will get worse before it gets better, warns chancellor

0

One of Central America’s most active volcanoes erupts again

0

Iranian-Americans protest against Iran’s team outside opening round World Cup game

June 16, 2026

Eight dead after US Air Force B-52 bomber crashes in California

June 16, 2026

How an ovary syndrome led to Bake Off star's fame

June 16, 2026

Categories

Middle East

Iranian-Americans protest against Iran’s team outside opening round World Cup game

June 16, 2026
0

Calls to remove Iran’s clerical regime sounded outside Iran’s opening match at the World Cup.Iranian-Americans gathered in Los Angeles...

Read more

Eight dead after US Air Force B-52 bomber crashes in California

June 16, 2026
News

© 2023 GODJ - NEWS CORP - news.godj.com.

Explore NEWS.GODJ.COM

  • Home
  • News
  • Sports
  • Worklife
  • Travel
  • Reel
  • Future
  • More

Follow Us

  • Home Main
  • Video
  • World
  • Top News
  • Business
  • Sport
  • Tech
  • UK
  • In Pictures
  • Health
  • Reality Check
  • Science
  • Entertainment & Arts
  • Login

© 2023 GODJ - NEWS CORP - news.godj.com.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.