### U.S. Accuses Gautam Adani of Massive Bribery Scheme Involving Indian Officials

In a major legal development, U.S. prosecutors in Brooklyn, New York have filed fraud charges against Gautam Adani, India's second-richest individual, and several co-conspirators. The indictment accuses Adani and his associates of attempting to bribe Indian officials with $250 million to secure lucrative solar power contracts.

According to U.S. Attorney Breon Peace, the executives, who are largely Indian nationals, misled international investors, including those in the United States, to obtain funds, all while engaging in bribery to win contracts worth billions of dollars. The elaborate scheme allegedly spanned from 2020 until this year.

Among those indicted is Sagar Adani, the nephew of Gautam Adani. In conjunction with the criminal charges, the Securities and Exchange Commission (SEC) has separately announced civil fraud charges, specifically naming Adani Green Energy Ltd., a company within the Adani Group conglomerate.

Gautam Adani, the 62-year-old head of the industrial giant Adani Group, which has interests in logistics and energy, has denied the charges. In a statement issued on Thursday, a spokesperson for Adani Group condemned the allegations as "baseless," asserting that the company adheres to high standards of governance and regulatory compliance.

The allegations have had a significant financial impact, causing shares of Adani Group companies to plummet. Adani Enterprises saw a 23% drop, Adani Energy's shares fell by 20%, and Adani Green Energy declined by nearly 19%. Additionally, Adani Green Energy cancelled plans to issue $600 million in U.S. dollar-denominated bonds.

The accusations have also fueled political controversy in India, where opposition leader Rahul Gandhi of the Indian National Congress has accused Adani of leveraging his close relationship with Prime Minister Narendra Modi for personal gain. Gandhi expressed skepticism about the likelihood of Indian governmental institutions taking strong action against Adani, citing the prime minister's influence.

This isn't the first time Adani Group has faced serious allegations. Last year, U.S. short-selling firm Hindenburg Research accused the conglomerate of fraud, leading to a significant drop in its stock prices. Although Adani Group shares eventually rebounded after a favorable ruling by India's Supreme Court, Hindenburg Research reiterated its stance this week, maintaining that their initial findings remain unchallenged.