Indian billionaire industrialist, Gautam Adani along with seven others, has been charged by US prosecutors for allegedly paying hundreds and millions of dollars in bribes to win lucrative contracts.

Prosecutors allege that the chairman of Adani Group orchestrated a $250 million bribery scheme involving Indian government officials, all to secure lucrative solar energy contracts.

In a statement,&nbsp;Adani Green acknowledged the charges by the US DoJ and announced that in light of these developments, its subsidiaries "have presently decided not to proceed with the proposed USD-denominated bond offerings."

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According to the US Department of Justice (DoJ), the solar contracts would have generated a profit of over $2 billion over roughly 20 years.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-long-term-prisoners-undertrial-to-get-bail-ahead-of-constitution-day-777693">India: Long-term prisoners still on trial to get bail ahead of Constitution Day</a>

"As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors," stated United States Attorney Breon&nbsp;Peace.

<h2>Details of the allegations</h2>

The allegations, revealed in a five-count indictment, involve Gautam Adani and his nephews Sagar R. Adani and VIneet S. Jaain, both executives in the group's renewable energy businesses. &nbsp;

"The indictment also charges Ranjit Gupta and Rupesh Agarwal, former executives of a renewable-energy company with securities that had traded on the New York Stock Exchange (the U.S. Issuer), and Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra, former employees of a Canadian institutional investor, with conspiracy to violate the Foreign Corrupt Practices Act in connection with a bribery scheme also perpetrated by Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain, involving one of the world’s largest solar energy projects."

Prosecutors claim that Adani and his associates promised bribes to Indian officials in exchange for contracts projected to generate over $2 billion in after-tax profits over two decades. To further their goals, they allegedly misled investors and banks while attempting to conceal the scheme from authorities. &nbsp;

"This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice," said Lisa Miller, Deputy Assistant Attorney General.

Also read |&nbsp;<a href="https://www.wionews.com/world/india-china-discuss-resumption-of-kailash-mansarovar-yatra-direct-flights-on-sidelines-of-g20-summit-777426">India, China discuss resumption of Kailash Mansarovar Yatra, direct flights on sidelines of G20 Summit</a>

"Gautam Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses... while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government's investigation," said the FBI Assistant Director in Charge James E. Dennehy.

Prosecutors said that one of Adani's accomplices&nbsp;meticulously recorded bribery payments on their phone.

According to US prosecutors, neither Adani nor the other defendants are in custody.&nbsp;

<h2>Adani group under scrutiny &nbsp;</h2>

The charges follow earlier accusations of fraud by Hindenburg Research. In 2023, Hindenburg’s report alleged that Adani’s conglomerate engaged in "brazen stock manipulation and accounting fraud scheme over the course of decades.". &nbsp;

Adani’s reputation as a close ally of Indian Prime Minister Narendra Modi has added to the controversy. Hindenburg, in its report, claimed, there was a pattern of "government leniency towards the group" stretching back decades, which&nbsp;had left investors, journalists, citizens and politicians unwilling to raise concerns&nbsp;"for fear of reprisal."&nbsp;

(With inputs from agencies)

Indian billionaire industrialist, Gautam Adani along with seven others, has been charged by US prosecutors for allegedly paying hundreds and millions of dollars in bribes to win lucrative contracts.

Indian billionaire industrialist, Gautam Adani along with seven others, has been charged by US prosecutors for allegedly paying hundreds and millions of dollars in bribes to win lucrative contracts. Prosecutors allege that the chairman of Adani Group orchestrated a $250 million bribery scheme involving Indian government officials, all to secure lucrative solar energy contracts. In a statement, Adani Green acknowledged the charges by the US DoJ and announced that in light of these developments, its subsidiaries "have presently decided not to proceed with the proposed USD-denominated bond offerings." US prosecutors charge Gautam Adani and others in alleged Solar Energy contract bribery case Adani Green says, "The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint,… pic.twitter.com/uoBDJPuhOE — ANI (@ANI) November 21, 2024 × According to the US Department of Justice (DoJ), the solar contracts would have generated a profit of over $2 billion over roughly 20 years. Also read | India: Long-term prisoners still on trial to get bail ahead of Constitution Day "As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors," stated United States Attorney Breon Peace. Details of the allegations The allegations, revealed in a five-count indictment, involve Gautam Adani and his nephews Sagar R. Adani and VIneet S. Jaain, both executives in the group's renewable energy businesses. "The indictment also charges Ranjit Gupta and Rupesh Agarwal, former executives of a renewable-energy company with securities that had traded on the New York Stock Exchange (the U.S. Issuer), and Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra, former employees of a Canadian institutional investor, with conspiracy to violate the Foreign Corrupt Practices Act in connection with a bribery scheme also perpetrated by Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain, involving one of the world’s largest solar energy projects." Prosecutors claim that Adani and his associates promised bribes to Indian officials in exchange for contracts projected to generate over $2 billion in after-tax profits over two decades. To further their goals, they allegedly misled investors and banks while attempting to conceal the scheme from authorities. "This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice," said Lisa Miller, Deputy Assistant Attorney General. Also read | India, China discuss resumption of Kailash Mansarovar Yatra, direct flights on sidelines of G20 Summit "Gautam Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses... while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government's investigation," said the FBI Assistant Director in Charge James E. Dennehy. Prosecutors said that one of Adani's accomplices meticulously recorded bribery payments on their phone. According to US prosecutors, neither Adani nor the other defendants are in custody. Adani group under scrutiny The charges follow earlier accusations of fraud by Hindenburg Research. In 2023, Hindenburg’s report alleged that Adani’s conglomerate engaged in "brazen stock manipulation and accounting fraud scheme over the course of decades.". Adani’s reputation as a close ally of Indian Prime Minister Narendra Modi has added to the controversy. Hindenburg, in its report, claimed, there was a pattern of "government leniency towards the group" stretching back decades, which had left investors, journalists, citizens and politicians unwilling to raise concerns "for fear of reprisal." (With inputs from agencies)

Gautam Adani charged in $250 million bribery scheme by US prosecutors

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs.

The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise.

On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success.

ALSO READ | <a href="https://www.wionews.com/business-economy/indias-market-regulator-seeks-details-of-loans-and-securities-of-adani-companies-564769">India's market regulator seeks details of loans and securities of Adani companies</a>

That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation.

Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion.

Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day.

Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support".

For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent".

Hindenburg's report is the best for Adani

Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani.

He believes the latest accusations and the market rout might instil financial discipline within the business empire.

The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills."

Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'.

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Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods. Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs. The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise. On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success. ALSO READ | India's market regulator seeks details of loans and securities of Adani companies That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation. Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion. Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day. Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support". For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent". Hindenburg's report is the best for Adani Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani. He believes the latest accusations and the market rout might instil financial discipline within the business empire. The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills." Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent'

India's Prime Minister Narendra Modi on Wednesday (February 8) replied to the motion of thanks on President Droupadi Murmu's address in the Lok Sabha, the Lower House of Parliament, amid sloganeering by opposition leaders for a discussion over the Adani issue. Before beginning his speech, some opposition parliamentarians staged a walkout over the issue.&nbsp;

Modi started his speech by saying, "In her visionary address, the President guided us and crores of Indians. Her presence as the Head of the Republic is historic as well as inspiring for the daughters and sisters of the country." &nbsp;

Modi said that President Murmu enhanced the pride of the tribal community, adding that after several years of independence, there was a sense of pride in the tribal community and an increase in their self-confidence, news agency ANI reported.&nbsp;

ALSO READ | <a href="https://www.wionews.com/india-news/rahul-gandhi-says-adani-gets-contracts-wherever-prime-minister-visits-bjp-labels-allegations-baseless-559724">Rahul Gandhi claims Adani gets contracts wherever prime minister visits, BJP labels allegations 'baseless'</a>

He took a veiled dig at Rahul Gandhi from the main opposition Congress, who on Tuesday had accused the Bharatiya Janata Party (BJP)-led central government of favouring the Adani Group. "I was watching yesterday. After the speeches of a few people, some people were happily saying, "Ye hui na baat" (this is how it should be.) Maybe they slept well and couldn't wake up (on time)," Modi told the Lok Sabha.&nbsp;

The Prime Minister added that following the remarks of such people, the entire 'ecosystem' and their supporters were jubilant.&nbsp;

Hitting out at the Congress further, Modi took a veiled jibe at another senior party leader Adhir Ranjan Chowdhury over his contentious remarks on President Murmu last year.&nbsp;

"When President's Address was going on, some people avoided it. A tall leader even insulted the President. They displayed hatred against ST. When such things were said on TV, a sense of hatred deep within came out. An attempt was made to save oneself after writing a letter later," Modi said.&nbsp;

He also lashed out at the Congress' tenure as the central government from 2004-2014. "During 10 years of UPA (United Progressive Alliance) govt, inflation was in double digits and hence when something good happens, their sadness increases. In the history of the country's independence, 2004-2014 was full of scams," Modi told the Lok Sabha on Wednesday.&nbsp;

The Adani Group has been roiled by days of market turmoil after a report by American short-seller Hindenburg Research last month alleged that the Indian conglomerate engaged in stock manipulation and used tax havens. The report also said that the Adani Group had unsustainable debt.

The conglomerate has denied the allegations, saying it complies with all laws and has made necessary disclosures over time.

On Tuesday, Congress' Rahul Gandhi had questioned the BJP's connections with the Adani Group and had&nbsp;accused Prime Minister Modi of favouring its founder Gautam Adani. Gandhi, who was the first opposition leader to speak during the debate on the motion of thanks to the President`s address in the Lok Sabha, said that the relationship with Gautam Adani began many years ago when Modi was the chief minister of Gujarat.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/adani-groups-122-million-bond-plan-shelved-amid-hindenburg-row-558791">Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report</a>

"Relationships begin many years ago when Narendra Modi was Gujarat`s Chief Minister...one man stood shoulder to shoulder with PM Modi, he was loyal to the PM and helped Mr Modi construct the idea of a `Resurgent Gujarat`. The real magic began when PM Modi reached the national capital in 2014," Gandhi told the Lower House of Parliament.

"How the Indian government did not raise any questions regarding the shell companies owned by the Adani Group? How did the government not ask whose companies they are, especially, if it is a strategic matter concerning sectors like ports, airports (aviation), and defence? And the government does not know about the company (Adani Group) which is dealing in these strategic sectors?" Gandhi added.

Meanwhile, the BJP rejected the Congress leader's allegations and demanded evidence to support his claims. "Rahul Gandhi has made up these things in his head and he is making wild allegations. If he wants to make such allegations, he should bring documentary proof and present it," BJP leader and India's Law Minister Kiren Rijiju told Parliament on Tuesday.

On Wednesday, BJP MP Ravi Shankar Prasad said that Gandhi's comments were false and shameful. "Rahul Gandhi cannot digest the fact that people had twice elected Narendra Modi as the prime minister and he will again come back in 2024," Prasad said and pointed out that the Adani Group also invested in Congress-led states of Rajasthan and Chhattisgarh.&nbsp; 
&nbsp;

(With inputs from agencies)

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India's Prime Minister Narendra Modi on Wednesday (February 8) replied to the motion of thanks on President Droupadi Murmu's address in the Lok Sabha, the Lower House of Parliament, amid sloganeering by opposition leaders for a discussion over the Adani issue.

India's Prime Minister Narendra Modi on Wednesday (February 8) replied to the motion of thanks on President Droupadi Murmu's address in the Lok Sabha, the Lower House of Parliament, amid sloganeering by opposition leaders for a discussion over the Adani issue. Before beginning his speech, some opposition parliamentarians staged a walkout over the issue. Modi started his speech by saying, "In her visionary address, the President guided us and crores of Indians. Her presence as the Head of the Republic is historic as well as inspiring for the daughters and sisters of the country." Modi said that President Murmu enhanced the pride of the tribal community, adding that after several years of independence, there was a sense of pride in the tribal community and an increase in their self-confidence, news agency ANI reported. ALSO READ | Rahul Gandhi claims Adani gets contracts wherever prime minister visits, BJP labels allegations 'baseless' He took a veiled dig at Rahul Gandhi from the main opposition Congress, who on Tuesday had accused the Bharatiya Janata Party (BJP)-led central government of favouring the Adani Group. "I was watching yesterday. After the speeches of a few people, some people were happily saying, "Ye hui na baat" (this is how it should be.) Maybe they slept well and couldn't wake up (on time)," Modi told the Lok Sabha. The Prime Minister added that following the remarks of such people, the entire 'ecosystem' and their supporters were jubilant. Hitting out at the Congress further, Modi took a veiled jibe at another senior party leader Adhir Ranjan Chowdhury over his contentious remarks on President Murmu last year. "When President's Address was going on, some people avoided it. A tall leader even insulted the President. They displayed hatred against ST. When such things were said on TV, a sense of hatred deep within came out. An attempt was made to save oneself after writing a letter later," Modi said. He also lashed out at the Congress' tenure as the central government from 2004-2014. "During 10 years of UPA (United Progressive Alliance) govt, inflation was in double digits and hence when something good happens, their sadness increases. In the history of the country's independence, 2004-2014 was full of scams," Modi told the Lok Sabha on Wednesday. The Adani Group has been roiled by days of market turmoil after a report by American short-seller Hindenburg Research last month alleged that the Indian conglomerate engaged in stock manipulation and used tax havens. The report also said that the Adani Group had unsustainable debt. The conglomerate has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. On Tuesday, Congress' Rahul Gandhi had questioned the BJP's connections with the Adani Group and had accused Prime Minister Modi of favouring its founder Gautam Adani. Gandhi, who was the first opposition leader to speak during the debate on the motion of thanks to the President`s address in the Lok Sabha, said that the relationship with Gautam Adani began many years ago when Modi was the chief minister of Gujarat. ALSO READ | Adani Group’s $122 million bond plan shelved after Hindenburg allegations: Report "Relationships begin many years ago when Narendra Modi was Gujarat`s Chief Minister...one man stood shoulder to shoulder with PM Modi, he was loyal to the PM and helped Mr Modi construct the idea of a `Resurgent Gujarat`. The real magic began when PM Modi reached the national capital in 2014," Gandhi told the Lower House of Parliament. "How the Indian government did not raise any questions regarding the shell companies owned by the Adani Group? How did the government not ask whose companies they are, especially, if it is a strategic matter concerning sectors like ports, airports (aviation), and defence? And the government does not know about the company (Adani Group) which is dealing in these strategic sectors?" Gandhi added. Meanwhile, the BJP rejected the Congress leader's allegations and demanded evidence to support his claims. "Rahul Gandhi has made up these things in his head and he is making wild allegations. If he wants to make such allegations, he should bring documentary proof and present it," BJP leader and India's Law Minister Kiren Rijiju told Parliament on Tuesday. On Wednesday, BJP MP Ravi Shankar Prasad said that Gandhi's comments were false and shameful. "Rahul Gandhi cannot digest the fact that people had twice elected Narendra Modi as the prime minister and he will again come back in 2024," Prasad said and pointed out that the Adani Group also invested in Congress-led states of Rajasthan and Chhattisgarh. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

In Parliament, India's PM Narendra Modi takes veiled dig at opposition leader Rahul Gandhi