By PC bureau
New Delhi
A US federal court has issued an arrest warrant for Indian billionaire Gautam Adani and his nephew Sagar Adani on charges of bribery and fraud. The indictment alleges that the Adanis bribed Indian government officials to secure lucrative solar energy supply contracts.
The US Attorney’s Office for the Southern District of New York accuses the Adanis of offering bribes worth $265 million (approximately Rs 2,029 crore) to Indian officials. The indictment further alleges that the Adanis misled US investors and financial institutions by making false and misleading statements about their business activities.
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The arrest warrant comes as a major blow to Adani, who has seen his empire come under intense scrutiny in recent months. Last year, US-based short seller Hindenburg Research accused the Adani Group of accounting fraud and stock manipulation. The allegations led to a sharp decline in the value of Adani Group shares, wiping out billions of dollars in market capitalization.
It remains to be seen how the Adanis will respond to the US charges. The Adani Group has denied all wrongdoing and has vowed to fight the allegations. However, the arrest warrant could have serious implications for the Adani Group’s business operations and its reputation.
