Gautam Adani, chairman of Adani group has been charged with crime of allegedly 32 billion frauds.
Adani and other executive performed the multi-billion-dollar fraud in order to develop a major solar power plant.
According to the Department of justice (DOJ) Adani and seven other executives including his nephew Sagar Adani, promised more than $250 million bribes to Indian government officials to secure solar energy contracts.
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The allegations came a more than a year after a US short seller accused Adani group of stock manipulation and accounting fraud.
This has caused impact in India with the Indian National Congress, rival of Modi’s ruling party Bhartiya Janata party, who has called out for a parliamentary investigation into Adani’s companies.
According to CNN, the DOJ alleged that the solar energy supply contracts were projected to raise more than $2billion in profits after tax over an approximately 20-year period.
According to authorities, the meeting between Adani met with a government official to advance the bribery scheme which took place between 2020 and 2024 as evidenced on several phones.
US authorities said that Adani and his associates tried to hide the alleged bribe scheme from US investors in order to obtain financing, including to fund those solar energy supply contracts procured through bribery.
They referred to a cell phone to extensively track on specific details on the bribes, a photograph of a document summarizing various bribe amounts and PowerPoint and Excel analyses that summarized various options for paying and concealing bribes.
Although for more than a year the Adani group had tried to maintain their reputation, it took him two years to compile the evidence.
Adani was founded in 1988 by Gautam Adani as a commodity trading business which led to other Group’s business including sea and airport management, electricity generation and transmission, mining, natural gas, food, weapons and infrastructure.
