Indian businessman Gautam Adani, one of the world's richest men, has been indicted by the United States on fraud charges.
Adani is accused of defrauding investors by concealing that his company's massive solar energy project was backed by bribery allegations, the Associated Press reported. The federal indictment was unsealed Wednesday.
He was charged with securities fraud and conspiracy to commit securities fraud and wire fraud, according to the Associated Press. The case involves a contract between one Adani company, Adani Green Energy, and another company with the Indian government to sell 12 gigawatts of solar power.
The indictment also alleges that the businessman and his co-defendants positively represented the agreement to Wall Street investors and that investors invested significant amounts of cash, totaling billions of dollars, to pursue it. He points out that he is accused of making it look like it is legal. About recent projects.
At the same time, the Associated Press reported that about $265 million in alleged bribes were to be paid to Indian officials. The goal was to secure billions of dollars in lucrative contracts and funding.
Sean Hecker, a lawyer representing Adani's nephew, declined to comment, according to the Associated Press. The outlet also reported that the billionaire's legal representatives were not listed and other lawyers did not immediately respond to requests for comment.
Adani Group, the conglomerate owned by the defendants, issued a statement on Thursday.
“The allegations made by the U.S. Department of Justice and the U.S. Securities and Exchange Commission against the Adani Green directors are baseless and denied,” they wrote.
The Associated Press contributed.
