Built with the unwavering support of Prime Minister Narendra Modi, businessman Gautam Adani’s conglomerate, estimated to be worth over $56 billion, is under investigation by the US justice system for corruption.You can share an article by clicking on the share icons at the top right of it.
The journey of Mr Adani’s conglomerate, Adani Group, took an unexpected turn in late January, when an investment firm’s critique of its finances caused the share prices of its various listed businesses to plunge.
Given how closely Adani Group is associated with the government of Narendra Modi, and his ambitions for the economy, many observers are asking whether policymakers, too, could be steering in the wrong direction.
Protest against Indian billionaire Gautam Adani, following his indictment in New York for his role in an alleged multi-billion dollar bribery and fraud scheme, in New Delhi,
Long unknown to the general public outside India, 62-year-old Gautam Adani, head of the world’s largest conglomerate, is back in the spotlight. After being accused, in 2023, of the “largest con in corporate history” by the Hindenburg investment company, the Indian businessman, a close friend of Indian Prime Minister Narendra Modi, is now in the sights of the American justice system.
On November 20, the tycoon was indicted by a New York federal court for fraud and corruption, on suspicion of having paid over $250 million in bribes to Indian officials to secure lucrative public contracts in the solar energy sector. The group rejected the accusations, saying they were “baseless” and promised to contest them in court. The opposition is calling for the billionaire’s immediate investgations.
