New York, Nov 21 (V7N)– In a significant development, a US federal court in New York has indicted Gautam Adani, chairman of India's Adani Group, along with six others, in a high-profile bribery and fraud case. The charges allege extensive corruption involving Indian government officials and US investors.

According to federal prosecutors, Gautam Adani and his associates are accused of paying 2,290 million rupees in bribes to Indian government officials to secure lucrative solar power supply contracts. The indictment also claims that Adani misled investors, including those in the United States, by providing false information to attract funds.

Adani is further alleged to have secured a $3 billion loan based on falsified documents. This fraud reportedly targeted US-based investors, prompting investigations by US intelligence agencies after initial reports of irregularities surfaced two years ago.

The indictment names seven others, including Gautam Adani’s relative, Sagar Adani, and former Adani Green Energy CEO, Vineet S. Jain. Arrest warrants have reportedly been issued against Gautam Adani and Sagar Adani, signaling intensified legal pressure on the Indian conglomerate.

Gautam Adani is widely regarded as a close ally of India's ruling BJP and Prime Minister Narendra Modi. Opposition parties in India have long accused the Adani Group of leveraging this relationship for favorable treatment in government contracts and policy decisions.

The timing of the charges—filed two weeks after Donald Trump was elected US President—adds a geopolitical dimension to the case. Adani had publicly congratulated Trump on his election victory in 2020 and announced plans to invest $10 billion in the United States.

The case has drawn significant attention from international observers, given Adani's prominence as one of the world's richest individuals and his global business operations. Legal experts believe the outcome of this case could have far-reaching implications for the Adani Group’s international ventures and its standing in global markets.

No official statement from the Adani Group has been made regarding the charges as of now.

END/RH/AJ