{"id":128423,"date":"2024-11-21T13:30:37","date_gmt":"2024-11-21T06:30:37","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=128423"},"modified":"2024-11-21T13:30:37","modified_gmt":"2024-11-21T06:30:37","slug":"billionaire-gautam-adani-indicted-in-new-york-on-bribery-charges","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=128423","title":{"rendered":"Billionaire Gautam Adani indicted in New York on bribery charges"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p>\n    <cite class=\"source__cite\"><br \/>\n      <span class=\"source__location\" data-editable=\"location\">New York\/New Delhi<\/span><br \/>\n      <span class=\"source__text\" data-editable=\"source\">CNN<\/span><br \/>\n        \u00a0\u2014\u00a0<br \/>\n    <\/cite>\n<\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qdao37003n2cp74io237yy@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Indian billionaire Gautam Adani and other executives were indicted in New York on Wednesday by US prosecutors<strong> <\/strong>for their alleged roles in a multi-billion-dollar fraud scheme involving plans to develop a major solar power plant.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qdarrm00003b6mqc1d40et@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The Department of Justice (DOJ) said in <a href=\"https:\/\/www.justice.gov\/usao-edny\/pr\/billionaire-chairman-conglomerate-and-seven-other-senior-business-executives-indicted\" target=\"_blank\" rel=\"noopener\">a statement<\/a> that Adani, a key ally of Indian Prime Minister Narendra Modi, and seven other executives, including his nephew Sagar Adani, promised more than $250 million in bribes to Indian government officials to secure solar energy contracts.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qu934k00003b6m0n48yo0s@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The impact of the allegations, which come more than a year after a <a href=\"https:\/\/www.cnn.com\/2024\/07\/02\/investing\/india-gautam-adani-hindeburg-intl-hnk\/index.html\">US short-seller<\/a> accused Adani Group of stock manipulation and accounting fraud, was immediately felt across the sprawling conglomerate. On Thursday, shares in the group\u2019s listed firms fell between 10% and 20%. CNN has reached out to Adani Group for comment.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3que5m500033b6m2vxava5m@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            It has also created political waves inside India with the Indian National Congress, a rival of Modi\u2019s<strong> <\/strong>ruling Bharatiya Janata Party, renewing calls for a parliamentary investigation into Adani\u2019s companies.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qutjm100093b6mxgppeb83@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The DOJ alleges the solar energy supply contracts were projected to raise more than $2 billion in profits after tax over an approximately 20-year period.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3quf3fh00063b6mjl7ssc9v@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Authorities say Adani, 62, personally met with an Indian government official to \u201cadvance\u201d the scheme, which took place between 2020 to 2024. The defendants frequently met and allegedly discussed the bribery scheme, including evidence on several phones.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qqk91x00003b6mnp5qczqu@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cThis indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice,\u201d Deputy Assistant Attorney General Lisa Miller said in the statement.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qt721k00083b6mwo0c6a88@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cThese offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors,\u201d she added.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qdem2a000b3b6mxenj2rzp@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Worth more than $85 billion, Adani, the founder of his eponymous group, is Asia\u2019s second-richest person behind countryman Mukesh Ambani, according to <a href=\"https:\/\/www.bloomberg.com\/billionaires\/\" target=\"_blank\" rel=\"noopener\">Bloomberg\u2019s Billionaires Index.<\/a>\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qvo36800003b6mjmshj9c2@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            In a letter to India\u2019s two main stock exchanges, Adani Green, which is building the <a href=\"https:\/\/www.cnn.com\/2024\/03\/19\/business\/india-adani-green-energy-plant-climate-intl-hnk\/index.html\">world\u2019s biggest energy plant<\/a> on the edge of Western India, acknowledged the separate criminal and civil indictments brought by US officials.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qwi42a00043b6mnct7uonp@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cIn light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings,\u201d it said. Reuters reported the bond sale was worth $600 million.\n    <\/p>\n<h2 class=\"subheader inline-placeholder\" data-editable=\"text\" data-uri=\"cms.cnn.com\/_components\/subheader\/instances\/cm3qv2uyl000l3b6mwvtdcu1p@published\" data-component-name=\"subheader\" id=\"cellphones-and-excel-sheets\" data-article-gutter=\"true\">\n        Cellphones and Excel sheets<br \/>\n<\/h2>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qdn833000e3b6mj791m2ei@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            US authorities said Adani and his associates tried to hide the alleged bribery schemes from US investors \u201cin order to obtain financing, including to fund those solar energy supply contracts procured through bribery.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qe3bhj000t3b6m2763767m@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            They referred to documentation including a cell phone to extensively track specific details on the bribes, a photograph of a document summarizing various bribe amounts and PowerPoint and Excel analyses \u201cthat summarized various options for paying and concealing bribe payments.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qeb4r100103b6m5gyr1jef@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            In a parallel civil<strong> <\/strong>action, <a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-181\" target=\"_blank\" rel=\"noopener\">the Securities and Exchange Commission<\/a> also charged both Adanis (as executives of Adani Green Energy Ltd) and Cyril Cabanes, an executive of Azure Power Global, for the bribery scheme that the SEC said allowed both companies to capitalize off a lucrative contract by the Indian government. The SEC said Adani Green raised more than $175 million from US investors on those misrepresentations.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qv4f1k000p3b6mebjedgfh@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            For more than a year, the Adani Group has been trying to restore its reputation following allegations made in January 2023 by <a href=\"https:\/\/www.cnn.com\/2023\/01\/31\/investing\/india-adani-hindenburg-report-explainer-intl-hnk\/index.html\">the US short-seller Hindenburg Research<\/a> of a \u201cbrazen stock manipulation and accounting fraud scheme. The billionaire\u2019s fortune, which at one point in 2022 was worth more than that of Jeff Bezos, plummeted over $80 billion following the report.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qe3e0v000w3b6mubxbceis@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            <a href=\"https:\/\/www.cnn.com\/2023\/01\/25\/business\/india-adani-shares-plunge-hindenburg-report-hnk-intl\/index.html\">In its investigation<\/a>, which Hindenburg said took two years to compile, the American firm had questioned the \u201csky-high valuations\u201d of Adani companies and said their \u201csubstantial debt\u201d put the entire group \u201con a precarious financial footing.\u201d Short-sellers make money by betting that a company\u2019s stock will fall.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qe3e0v000x3b6mxwxx70tx@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The Adani Group published a 400-page rebuttal, calling the Hindenburg analysis \u201cnothing but a lie.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm3qeot9y00163b6mpbbb9nnm@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Adani began his career in diamond trading. He set up a commodity trading business in 1988, which later evolved into Adani Enterprises, and now has firms in key sectors ranging from ports and power to media and clean energy.\n    <\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnn.com\/2024\/11\/20\/business\/gautam-adani-indicted\/index.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York\/New Delhi CNN \u00a0\u2014\u00a0 Indian billionaire Gautam Adani and other executives were indicted in New York on Wednesday by US prosecutors for their alleged roles in a multi-billion-dollar fraud &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=128423\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-128423","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/128423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128423"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/128423\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}