Justice Department officials revealed that Gautam Adani and fellow executives allegedly engaged in a bribery scheme to secure solar energy contracts, deceiving both U.S. and international investors.
The indictment highlights the significant profits projected from the bribery scheme, with Adani's group aiming for $2 billion over twenty years by promising $250 million in bribes to Indian officials.
Brooklyn U.S. Attorney Breon Peace stated that the defendants misrepresented their anti-bribery practices while seeking funding from U.S. and international investors, which constitutes serious securities fraud.
Adani, once Asia's richest person, faced scrutiny as previous allegations from Hindenburg Research triggered a drastic decrease in the market value of his businesses.
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