Indian billionaire Gautam Adani is embroiled in legal trouble in the U.S., facing charges related to alleged securities violations. The accusations, stemming from a Securities and Exchange Commission (SEC) complaint, suggest that Adani and his associates engaged in misconduct linked to $265 million in bribes aimed at securing power contracts in India.
The SEC’s civil suit does not specify a penalty amount, but it calls for civil fines to be levied against the accused. Alongside the SEC’s action, federal prosecutors have also filed a separate criminal indictment, charging Adani, his nephew Sagar Adani, and Adani Green Energy’s managing director Vneet Jaain with securities fraud and wire fraud conspiracy.
Adani Green Energy, in a statement, confirmed that the charges relate to three counts in the indictment: conspiracy to commit securities fraud, conspiracy to commit wire fraud, and securities fraud. Despite the serious nature of the charges, the Adani Group maintains that the allegations are unfounded, vowing to pursue all available legal options to fight the claims.
