US Issues Arrest Warrants For Gautam Adani And Nephew For Alleged Bribery (Image:X/gautamadani)

The US issued an arrest warrant against Gautam Adani, the chairman of Adani Group and his nephew Sagar Adani on Thursday in New York. A US grand jury has indicted them, along with seven others on charges of bribery worth $265 million (approximately Rs 2,029 crore).

This alleged bribery scheme involved paying Indian government officials to secure contracts for solar energy projects expected to generate $2 billion in profits over 20 years.

The US prosecutors have filed charges against Adani Group Chairman Gautam Adani and other Indian executives, accusing them of involvement in a massive bribery scheme.

As a result of these developments, Adani Green Energy’s subsidiaries have decided to put the bond offerings on hold. The company was planning to raise around $1.5 billion through the bond offerings, which will now be impacted by its further processing.

Also, read|  Gautam Adani Charged With Bribery And Fraud: Billion-Dollar Scandal Defrauding American Investors

It was on Wednesday that billionaire Gautam Adani, the founder and chairman of Indian conglomerate Adani Group, was charged in the US with bribery and fraud.

The case has been charged by the US Securities and Exchange Commission (SEC) with allegedly defrauding American investors and bribing officials.

Adani, 62, his nephew Sagar Adani, and other executives of Adani Green Energy Ltd and Azure Power Global Ltd are accused of conspiracy to commit securities and wire fraud, as well as substantive securities fraud.

Following this, the Adani Group companies’ shares fell sharply, with Adani Green Energy Ltd plummeting 16% to Rs 1,185.90 and Adani Enterprises Ltd dropping 10% to Rs 2,538.20.

In response to the allegations, the Adani Group has frantically denied bribery made by the US Department of Justice and the Securities and Exchange Commission, calling them “baseless.”

“The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought,” Adani Group Spokesperson added.

Also, read| Adani Stocks Plummet Up To 20% After US SEC Charges Gautam Adani With Bribery