Indictment Details
, a prominent Indian businessman, was indicted in the for securities fraud and conspiracy to commit securities and wire fraud, involving a massive solar energy project in funded by U.S. investors.
The indictment alleges Adani and co-defendants concealed a bribery scheme, paying over $250 million to Indian officials to secure solar energy supply contracts, while misleading investors about the project's integrity.
Responses and Background
The joined the indictment with a civil action, seeking penalties against Adani and co-defendants for violating U.S. securities laws.
Adani, known for his significant role in India's economy and recent ventures into renewable energy, has faced previous accusations of stock manipulation and accounting fraud, which he and his company dismissed as baseless.