One of the world's richest people charged with fraud in the US
The head of the Indian conglomerate Adani Group, Gautam Adani, has been charged in the United States with masterminding a multi-year scheme to pay bribes to Indian officials.
Hundreds of millions of dollars were paid in bribes in exchange for solar energy contracts and to conceal the scheme from American investors.
Adani and his partners are accused of falsely convincing investors to buy their company's bonds, according to the Reuters article, according to the U.S. attorney's office.
An Indian businessman has been accused of defrauding investors by concealing information that a major project of his company was being carried out with the help of bribes worth $265 million.
Gautam Adani, 62, has been charged with securities fraud, conspiracy and wire fraud.
The indictment portrays Adani and his co-conspirators as parties to a bilateral deal.
The businessman was suspected of presenting his project as a rosy picture for US investors, while in India it was planned to pay millions in bribes to officials.
Adani and two co-defendants were also charged with violating anti-fraud provisions of U.S. securities laws.
The regulator is seeking large monetary fines and other sanctions against the accused.
Both cases were filed in federal court in Brooklyn. Adani's co-defendants include his nephew, the chief executive of Adani Green Energy, and a managing director.
For reference
Fraud is the theft of someone else's property or the acquisition of rights to someone else's property by deception.
