Gautam Adani, his nephew, and six others face indictment for allegedly bribing Indian officials to secure solar power contracts. The alleged bribes, totaling $265 million, were reportedly kept hidden from US investors and banks.
Trouble mounted for Gautam Adani after US prosecutors indicted the Adani Group chairperson, his nephew Sagar Adani and six others for allegedly paying Rs 2,029 crore ($265 million) in bribes to Indian government officials for securing solar power contracts with state electricity distribution companies. The bribes were allegedly paid between 2020 and 2024.
According to US authorities, this information was kept a secret from US banks and investors, who helped the Adani Group secure billions of dollars for the solar energy project. By winning the energy contracts, the Adani Group anticipated to make $2 billion.
According to reports (as of 17 Nov, 2024), Adani has 70.92 billion USD net worth.
His fortune makes him the world's 22nd-richest person, and second-richest in India behind Reliance Industries Chair Mukesh Ambani, Forbes said. Adani grew up in India's Gujarat state, and dropped out of school at age 16.
He founded Adani Group in 1988 as a commodities trading firm, and built a business empire that has included airports, shipping ports, power generation, energy transmission and mining companies.
The Adani Group was founded and is chaired by Gautam Shantilal Adani, an Indian billionaire businessman. This global corporation has a significant role in the construction and operation of Indian ports. His wife, Priti Adani, is the head of the Adani Foundation, which was founded in 1996.
Power generation and transmission, ports, airports, and renewable energy are just a few of the many industries in which the Adani Group has commercial interests. Notably, Adani owns Gujarat's Mundra Port, the biggest in the nation, and is acknowledged as India's biggest airport operator.
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