Indian billionaire Gautam Adani, once celebrated as the world’s third richest man, is now in hot water.
US prosecutors have charged him and seven others in a $265 million bribery scheme that’s shaken his business empire to its core.
The accusations sent Adani Group stocks into a nosedive on Thursday, with Adani Green Energy canceling a $600 million bond sale amid the chaos.
What is Adani Accused of?
Mr. Adani is accused of bribing Indian officials to secure contracts for a massive solar project expected to generate $2 billion in profit over 20 years.
Prosecutors say the Adanis raised over $3 billion in loans while concealing their corruption, charges that also involve securities fraud and wire fraud conspiracy.
Adani is Modi’s Close Ally
Mr. Adani is considered to be very close to the Indian Prime Minister Narendra Modi.
US authorities have handed his details to international authorities but arresting him on these charges seems impossible.
