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Stumbled upon Bribery Case, Crazy Rich Gautam Adani Sued by US Court

Holiday Ayo - Crazy rich from India Gautam Adani is threatened with prison time, after United States (US) Federal Prosecutors charged the richest man in connection with a bribery case worth 265 US dollars or around IDR 4 trillion in India.

Quoting from Deutsche Welle, Adani, who has personal wealth of 69.8 billion US dollars, is suspected of bribing Indian government officials with 265 million US dollars to obtain solar energy supply contracts. 

This bribery was deliberately carried out so that the Adani company could reap large profits of up to 2 billion US dollars over 20 years.

"This indictment accuses Adani of running a scheme to bribe Indian government officials, lying to investors and banks to collect billions of dollars, and obstructing justice," explained Deputy Assistant Attorney General Lisa Miller.

Apart from committing bribes, Adani is suspected of hiding this corrupt activity from lenders and investors to collect more than 3 billion US dollars through loans and bonds.  

In carrying out the fraud, Adani was not alone, he was assisted by Sagar Adani, and Vneet Jaain, former CEO of Adani Green Energy.

For a series of criminal acts committed by Adani and his subordinates, he is now facing charges of securities fraud, securities fraud conspiracy and wire fraud.

The Adani family is also facing civil charges by the US Securities and Exchange Commission (SEC).  

Meanwhile five other defendants, including a former Azure Power Global executive, face charges of violating the Foreign Corrupt Practices Act and conspiracy to obstruct justice.

After the lawsuit was filed, none of the defendants in this case, including Adani, are currently being detained by US authorities.

 

But a judge has issued an arrest warrant that prosecutors plan to forward to foreign law enforcement in the near future.

 

For information, before Adani was dragged into a corruption case, last Sunday, the billionaire planned to invest 10 billion US dollars in energy security and infrastructure projects in the US, which had the potential to create 15,000 jobs. It is not clear when this plan will be realized, but on the social media platform

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