Gautam Adani, India’s second-richest man and leader of the massive Adani Group, is facing serious trouble. The United States Securities and Exchange Commission (SEC) has issued a summons to him, accusing his company of paying bribes to Indian officials to win major contracts. According to Reuters, a New York court filing revealed that Adani must respond to the SEC within 21 days. If the accusations are proven, Adani and his nephew, Sagar Adani, could face fines and even be barred from serving as leaders in public companies.
This isn’t the first time Adani Group has faced controversy. US prosecutors recently charged Gautam Adani, his nephew, and six others with running a $265 million scheme to bribe Indian officials. The alleged goal? To secure lucrative power deals for the group’s renewable energy projects.
Hindenburg’s Shadow Still Looms
The current charges come after last year’s bombshell claims by Hindenburg Research, a US-based short-seller. The firm accused Adani Gro...
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