Indian billionaire Gautam Adani has been summoned by the Securities and Exchange Commission of the United States.
He is charged with bribery in the United States and faces a shocking federal indictment.
The CEO of the Adani Group and his nephew, Sagar Adani, are being sued by the SEC on charges that they bribed hundreds of millions of dollars to support an Adani subsidiary while “falsely touting the company’s compliance with antibribery rules and regulations related to with a $750 million bond offering.”
According to the filing made Wednesday in federal court in the Eastern District of New York, the summons must be answered within 21 days. The SEC lawsuit requests limitations on the Adanis’ ability to serve as officials of publicly traded firms as well as undisclosed financial penalties.
The criminal allegations have been rejected by the organization as “baseless.” According to the group CFO, no other companies within the conglomerate were charged with misconduct, and the indictment is related to a single contract of Adani Green Energy that accounts for around 10% of its operations.
On the grounds that Gautam and Sagar Adani were involved in a $265 million plan to bribe Indian authorities in order to gain power-supply deals, federal prosecutors filed arrest warrants for them.
In order to get contracts that are anticipated to generate $2 billion in profit over a 20-year period and build India’s largest solar power plant project, Adani and seven other defendants, including his nephew Sagar, allegedly colluded to bribe Indian government officials.
