Understanding the US charges on Adani

The Adani Group denied the allegations, calling them ‘baseless’ and vowing to ‘seek all possible legal recourse’

The US Department of Justice has indicted Gautam Adani, the founder of Adani Group, his nephew Sagar Adani, and other senior Adani Green executives for allegedly bribing or offering bribes to the tune of $265 million to Indian state government officials to get them to sign solar power contracts, while raising money for the same projects in the US by promising that the company abided by anti bribery laws. This constitutes fraud under US federal securities law and, if

The indictment said Adani and others ‘concealed’ bribed Indian government officials to obtain billions of dollars of financing for green energy projects. (Bloomberg)