Thursday, November 21, 2024 - A New York court has indicted Gautam Adani, chairman of the Indian conglomerate Adani Group, over a multimillion-dollar fraud scheme.
The court prosecutor charged
Adani and two other executives at Adani Green Energy, his nephew Sagar Adani
and Vneet Jaain, with agreeing between 2020 and 2024 to pay more than $250
million (Sh 37 billion) in bribes to Indian government officials to obtain
solar energy supply contracts expected to yield $2 billion(Sh 260 billion) in
profits.
According to court records, a
judge has issued arrest warrants for Gautam Adani and Sagar Adani, and
prosecutors plan to hand those warrants to foreign law enforcement.
Seven of the eight defendants
are Indian citizens and lived in India, while the eighth, Cyril Cabanes, is a
dual French-Australian citizen who lived in Singapore, prosecutors said.
The U.S. Securities and Exchange
Commission filed related civil charges against Gautam Adani, Sagar Adani, and
Cabanes, 50, an executive at Azure Power Global. Prosecutors identified Cabanes
as one of the Canadian investor's employees.
The Kenyan DAILY POST
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