Adani Green, which is developing one of the world’s largest solar parks, misled investors by misrepresenting its compliance with anti-corruption policies.
Indian billionaire Gautam Adani, head of the Adani Group, has been accused of a massive corruption scheme related to solar energy contracts. According to New York prosecutors, the Adani Group allegedly paid more than $250 million in bribes to Indian officials from 2020 to 2024 to secure favorable terms for contracts. It was reported by the Financial Times.
The scheme may have brought the company more than $2 billion in revenue.
The case includes Gautam Adani, his nephew Sagar Adani, employees of the Adani Group, as well as former employees of the Canadian pension fund CDPQ. They were accused of corruption, securities fraud and attempting to cover up traces of illegal payments.
Adani Group shares fell after the markets opened on Thursday, with Adani Enterprises losing 20% and its ports business 16.4%.
Prosecutors said Adani Green, which is developing one of the world’s largest solar parks, misled investors by misrepresenting its compliance with anti-corruption rules.
The Adani Group denies the accusations, calling them baseless.
The Indian opposition is demanding a parliamentary investigation, but officials have so far not commented. The scandal has dealt another blow to the reputation of the Adani Group, which has been accused of market manipulation and falsification of financial statements.
We remind you that Ukraine and India agree on cooperation in the defense industry.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.