Gautam Adani SEC indictment

Gautam Adani SEC indictment

Billionaire industrialist Gautam Adani, chairman of the Adani Group, has been indicted by the US on charges of bribery and fraud under the Foreign Corrupt Practices Act (FCPA). The allegations include a scheme involving Adani, his nephew Sagar Adani, and six others, who allegedly paid bribes to Indian government officials to secure solar energy supply contracts worth $2 billion in profits over 20 years. The US Securities and Exchange Commission (SEC) also filed a complaint in the US District Court for the Eastern District of New York, claiming the group raised $175 million from US investors during the scheme.