4 hours ago
7
November 21, 2024 | 10:22 am
TEMPO.CO, Jakarta - Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world's richest people, has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme, U.S. prosecutors said on Wednesday.
Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.
Prosecutors also said the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors.
According to an indictment, some conspirators referred privately to Gautam Adani with the code names "Numero uno" and "the big man," while Sagar Adani allegedly used his cellphone to track specifics about the bribes.
Adani Group did not immediately respond to requests for comment outside business hours in India, where the charges were announced early Thursday morning.
India's embassy in Washington did not immediately respond to requests for comment. Lawyers for the defendants could not immediately be identified.
Gautam Adani, Sagar Adani and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the Adanis were also charged in a U.S. Securities and Exchange Commission civil case.
The other five defendants were charged with conspiring to violate the Foreign Corrupt Practices Act, a U.S. anti-bribery law, and four were charged with conspiring to obstruct justice.
None of the defendants is in custody, a spokesperson for U.S. Attorney Breon Peace in Brooklyn said. Gautam Adani is believed to be in India.
BUILT EMPIRE
The 62-year-old Adani is worth $69.8 billion according to Forbes magazine, and one of the few billionaires formally accused in the United States of criminal wrongdoing.
His fortune makes him the world's 22nd-richest person, and second-richest in India behind Reliance Industries, Chair Mukesh Ambani, Forbes said.
Adani grew up in India's Gujarat state, and dropped out of school at age 16.
He founded Adani Group in 1988 as a commodities trading firm, and built a business empire that has included airports, shipping ports, power generation, energy transmission and mining companies.
The charges were announced hours after Adani on Wednesday raised $600 million by selling 20-year "green" bonds.
They also came nearly two years after U.S. short-seller Hindenburg Research accused Adani Group of using offshore tax havens improperly, which the company denied.
Hindenburg's January 2023 report sparked an approximately $150 billion meltdown in Adani Group stocks.
Netflix Under Tax Fraud Investigation as Offices in France and Netherlands Raided
14 hari lalu
Between 2019 and 2020, Netflix Services France paid less than 1.0 million euros ($1.09 million) in corporate taxes.
Cianjur Regent's Sister Detained by Police on Suspicion of Project Fraud
14 hari lalu
Dewi Lestari (DL), the younger sister of Cianjur Regent Herman Suherman, has been reported to the Cianjur Police on suspicion of project manipulation
KPK Probes Four Individuals in East Java Grant Fund Alleged Corruption Case
22 hari lalu
KPK has named 21 suspects in total for this alleged corruption case in the East Java provincial government.
KPK Says Fraud within Indonesia's Healthcare Sector Causes Rp20tn of Loss
20 September 2024
The KPK official said fraud causes damage of about Rp20 trillion, or 10 percent of the public health spending.
KPK Urges Harun Masiku to Surrender, Says Wahyu Setiawan Case Concluded
19 September 2024
Indonesia's Corruption Eradication Commission (KPK) has issued a strong appeal to a graft fugitive Harun Masiku.
South Korea's Ex-President Moon Jae-in Named Suspect in Bribery Case
3 September 2024
Former South Korean President Moon Jae-in has been named a suspect in a bribery case involving his son-in-law's employment at an airline company.
Indonesia's Immigration Warns of Fraud Via Google Maps Address Contact
13 Agustus 2024
Soekarno-Hatta Airport Class I Special Immigration Office urged the public to be vigilant of fake Immigration contact numbers.
Yogyakarta Police Bust Cambodian Fraud Ring, Arrest 3 Suspects
8 Agustus 2024
The Yogyakarta Special Region Police have apprehended three individuals linked to a Cambodian-based fraud syndicate.
High Literacy Does Not Mean Scam-Free; OJK Pushes for Law Enforcement Cooperation in Financial Sector
6 Agustus 2024
Financial Services Authority (OJK) says that people's high level of financial literacy does not guarantee they will be safe from the traps of fraud.
Aftech: AI Can Prevent Frauds in Digital Payment
2 Agustus 2024
One of the significant contributions of AI in digital payments is the ability to reduce fraud rates, according to the Aftech chairman.
