"The administration of United States President Donald Trump has moved to dismiss criminal fraud charges against Indian billionaire Gautam Adani in a case where he is accused of bribing Indian officials for as much as $265m to secure contracts and lying to US investors to land a solar energy project in India, allegations that his company has long denied."
"The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants, the DOJ said in a short letter sent to Judge Nicholas Garaufis at the US District Court in the Eastern District of New York. A judge must still sign off on the DOJ's request."
"The case, originally brought by the DOJ under the administration of former US President Joe Biden, accused Adani of bribing officials to secure solar energy contracts at the expense of US investors. 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 US and international investors, Breon Peace, United States Attorney for the Eastern District of New York, said at the time."
"Adani Green Energy was accused of bribing officials in order to win a contract to build the largest solar power plant in India. Adani allegedly misled investors by providing information about the company's anti-corruption practices. Prosecutors said he and his alleged co-conspirators raised more than $3bn in the process. The government dropping the case comes amid recent changes in Adani's legal team. The billionaire, the 17th richest"
US prosecutors moved to dismiss criminal fraud charges against Gautam Adani in a case alleging bribery of Indian officials to secure solar energy contracts and alleged deception of US investors. The US Department of Justice stated it would not devote further resources to the charges against individual defendants, using prosecutorial discretion, while noting that a judge must still approve the request. The original case accused Adani and alleged co-conspirators of orchestrating a bribery scheme to win contracts worth billions of dollars and of lying to raise capital from US and international investors. Adani Green Energy was accused of bribing officials to win a contract for a major solar power plant and of misleading investors about anti-corruption practices. Prosecutors said the scheme helped raise more than $3bn. The DOJ dropped the case after Adani pledged $10bn in US investment.
#us-department-of-justice #gautam-adani #bribery-allegations #solar-energy-contracts #investor-fraud
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]