Adani, others accused of paying $250M bribes to secure lucrative solar deals

Adani Accused of Paying Bribes to Secure Lucrative Solar Deals: US prosecutors have charged Gautam Adani, his nephew Sagar, and others with paying over $250 million in bribes to Indian officials to secure solar energy contracts. The alleged scheme, spanning from 2020 to 2024, aimed to secure favorable terms for solar power projects, potentially yielding over $2 billion in profits. The charges include securities fraud and wire fraud conspiracy. The indictment also implicates three former employees of the Canadian pension fund CDPQ. This development follows previous allegations by Hindenburg Research, which accused the Adani Group of fraud, leading to a significant market value loss. The Adani Group has denied these allegations. The US law allows pursuing foreign corruption cases if they involve American investors or markets. The Adani Group has not yet responded to these new charges.