In the United States, one of the world's richest men has been accused of corruption. Mr. Gautam Adani, Managing Director, Adani Group of Corporations. The company's listed companies include the following companies: He is accused of offering $265 million in bribes to Indian officials at the New York Stock Exchange.
In exchange for bribes, Adani and seven partners are said to have won contracts for the company to build India's largest solar power project.
It is estimated to bring in $2 billion in profits over the next 20 years, Reuters reported on Thursday.
Accusations against the group
The group is accused of securities fraud, violating U.S. anti-corruption laws, and obstruction of justice.
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According to the U.S. Securities and Exchange Commission, Gautam Adani and his nephew Sagar Adani have maintained that the company has strict anti-corruption compliance policies and that “the company's senior management has not paid and intends to do so.” The company allegedly falsely claimed that there was no such thing and induced U.S. investors to buy the company's bonds. Pay or promise to pay a bribe.
The woes of the Adani empire. Significant decline on stock exchange
The impact on the Adani empire was immediate, with shares in the group's listed companies dropping 10 to 20 percent.
A spokesperson for the New York prosecutor's office told the agency that none of the defendants are in custody.
Gautam Adani, whose wealth is estimated by Forbes at $69.8 billion, is currently believed to be in India.
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