Federal prosecutors have charged Gautam Adani with fraud, alleging he and his associates bribed Indian officials for lucrative contracts while lying to investors.
Prosecutors claim Adani paid over $250 million in bribes to secure contracts with Indian government officials, directly impacting Adani Green Energy's funding strategies.
The charges suggest that Mr. Adani involved himself personally in discussions regarding the bribery scheme, attempting to mislead investors during capital raises.
The Securities and Exchange Commission's parallel civil case highlights that Adani Green Energy raised more than $175 million from U.S. investors through deceptive practices.
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