US Court Indicts Billionaire Gautam Adani on Charges of Fraud and Bribery

US Court Indicts Billionaire Gautam Adani on Charges of Fraud and Bribery

Trouble mounts for Indian billionaire Gautam Adani as a US Court indicts him and seven others, including his nephew Sagar Adani, on charges of fraud and bribery. The case pertains to a deal between an Adani group subsidiary and a US firm to sell solar power to several Indian states. Gautam Adani and others have been accused of paying $265 million in bribes to Indian government officials to secure solar power contracts with Indian states. US prosecutors say the alleged deal was concealed from US banks and investors. Adani group stocks nosedived as the latest controversy surfaced. In India, a political slugfest has erupted over the indictment. Opposition leader Rahul Gandhi has demanded the arrest of Gautam Adani and a joint parliamentary committee investigation against the Adani group. The Congress has also accused Prime Minister Narendra Modi of shielding Gautam Adani.
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