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Adani ‘bribery’ case: Can Adani be arrested from India? Allegations, charges and possible penalties explained | Company Business News
Livemint
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8m ago
Medial
Gautam Adani, the Chairperson of Adani Group, is facing criminal charges in the United States over alleged fraud and bribery. The charges include conspiring to pay bribes to Indian government officials to obtain contracts and develop a solar power plant project. Adani is accused of securities fraud, securities fraud conspiracy, and wire fraud conspiracy. If convicted, he could face decades in prison and significant monetary penalties. The extradition process and legal proceedings are expected to be lengthy. Adani Group has denied all allegations and charges.
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Adani CFO refutes US allegations: ‘Individuals accused in bribery case to clarify matter in 10 days’ | Company Business News
Livemint
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8m ago
Medial
Adani Group CFO, Jugeshinder Singh, has refuted the bribery allegations against group executives made by the US, stating that the accusations are unfounded. Singh stated that the individuals involved will provide clarity on the matter within 10 days. US authorities had accused Chairman Gautam Adani, his nephew Sagar Adani, and managing director of Adani Green, Vneet S. Jaain, of participating in a $265 million bribery scheme to secure solar power contracts in India. Adani Group has consistently denied the charges and pledged to explore legal options.
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US bribery charges linked to only one contract, comprises 10% of business: Adani Group CFO | Company Business News
Livemint
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8m ago
Medial
Indian billionaire Gautam Adani, along with seven others, has been indicted by US prosecutors for their alleged involvement in a $265 million bribery scheme to secure power-supply deals in India. Adani, one of the world's richest individuals, has denied the allegations. The indictment is linked to one contract of Adani Green Energy, which constitutes around 10% of its overall business. Other companies in the Adani conglomerate are not accused of any wrongdoing. The charges have had significant consequences, with Adani's shares falling and some global banks considering halting fresh credit to the group.
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Fitch Ratings says it may cut some Adani Group bonds to junk status
Livemint
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8m ago
Medial
Fitch Ratings is considering downgrading some bond ratings of the Adani Group to speculative territory following the charges against founder Gautam Adani in a bribery scheme. The US rating company will closely monitor the investigations, as the outcomes could indicate weaker corporate governance practices at the Indian conglomerate. Adani Group denies the allegations and asserts that its portfolio companies have enough liquidity to cover debt-servicing requirements for the next year. Fitch has placed Adani Ports & Special Economic Zone's bonds on watch for a possible downgrade and has also placed Adani Energy Solutions' long-term issuer default ratings on watch.
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Adani ‘bribery’ case: Andhra Pradesh likely to suspend Adani Group’s power supply deal | Company Business News
Livemint
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8m ago
Medial
Indian state, Andhra Pradesh, is reportedly planning to suspend a power purchase deal with Adani Group due to the recent indictment of founder Gautam Adani over an alleged bribery scheme. The state will ask for an investigation into the charges, which accuse Adani and others of paying bribes to obtain solar power-supply contracts. If the suspension goes ahead, it would be the first action taken by an Indian state government following the indictment. The Adani Group has stated that the allegations are baseless.
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Adani bribery case: whistleblowers, WhatsApp texts, and ‘incentives’
Livemint
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8m ago
Medial
The US Department of Justice has indicted billionaire Gautam Adani and seven others from the Adani group in a $250 million bribery scam. The charges come after a two-year probe triggered by whistleblower complaints alleging financial impropriety. The Adani group, which denied the allegations, saw the stocks of its company sink following the indictment. The probe revolves around payments made to Indian government officials in relation to power purchase agreements. The charges pose challenges for the group's foreign fundraising efforts and come after previous allegations of stock market manipulation and accounting fraud.
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Billionaire Gautam Adani indicted in US for alleged bribery scheme, White House says ‘we are confident…’
Livemint
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8m ago
Medial
The White House has acknowledged the bribery allegations against Gautam Adani, chairman of the Adani Group. Adani and several others have been indicted by US authorities for allegedly participating in a bribery and fraud scheme valued at $265 million. Adani Group has denied the charges and plans to seek legal options. The White House is aware of the situation but did not comment further. The US-India relationship remains strong, according to White House press secretary Karine Jean-Pierre. Specific details of the investigation are being handled by the Securities and Exchange Commission and Department of Justice.
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US SEC issues summons for Gautam Adani, nephew on bribery allegations
VCCircle
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8m ago
Medial
The US Securities and Exchange Commission (SEC) has issued a summons to Indian billionaire Gautam Adani and his nephew, Sagar Adani, regarding allegations of bribery. The SEC is suing them for engaging in hundreds of millions of dollars in bribes to assist an Adani company with a bond offering. The Adani Group has denied the charges and stated that they are baseless. Gautam and Sagar Adani have also been accused of participating in a $265 million scheme to bribe Indian officials for power-supply contracts. The Adani Group's market value has been significantly affected by these allegations.
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Adani case: Accused executive’s new firm landed a $1.2 bn pact from REC in Sept
Livemint
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8m ago
Medial
Ranjit Gupta, the CEO of Ocior Energy, a recently established zero-revenue green energy company, has been indicted in the Adani bribery case. Gupta was previously the CEO of Azure Power Global Ltd, the company at the center of the bribery charges. Ocior Energy had recently secured a ₹10,000 crore ($1.2 billion) investment commitment from REC Ltd, a state-owned Indian firm. Gupta and his business partner, Murali Subramanian, co-founded Ocior Energy in 2022 after leaving Azure Power. US prosecutors began investigating the case after Azure Power disclosed whistleblower complaints regarding improper payments to Indian government officials.
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TotalEnergies halts Adani investments; GQG bets on Indian govt backing amid US bribery charges | Company Business News
Livemint
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8m ago
Medial
French energy company TotalEnergies has decided not to invest additional capital in Adani Group companies following the indictment of top executives in a $250m bribery case. However, major investor GQG Partners remains optimistic and expects the Indian government to support the conglomerate. GQG Partners acknowledge the seriousness of the allegations against individuals, but believes the fundamentals of the invested companies remain sound. The US Department of Justice and Securities and Exchange Commission have charged Adani Group founder Gautam Adani and others with allegedly paying bribes to Indian government officials.
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Adani Group stocks plunge after US indictments
VCCircle
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8m ago
Medial
Shares of Adani Group companies saw a sharp decline in market value after the chairman, Gautam Adani, was indicted by U.S. authorities for his alleged involvement in a bribery and fraud scheme. The group lost approximately $22 billion in market capitalization in early trading. The charges claim that Adani and seven others paid bribes to Indian officials to secure profitable contracts and develop a major solar power plant project. The indictment follows previous allegations made by U.S. shortseller Hindenburg Research regarding Adani's use of tax havens and stock manipulation.
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