MUMBAI: Billionaire Indian tycoon Gautam Adani should be arrested after US prosecutors charged him with paying more than $250 million in bribes to sec...
India's Congress party leader Rahul Gandhi addresses a press conference against the backdrop of a picture of Indian industrialist Gautam Adani, at his party headquarters in New Delhi on November 21, 2024. Billionaire Gautam Adani, whose business empire has been rocked by US bribery charges against him, is one of the corporate world's great survivors.
“We demand that Adani be immediately arrested. But we know that won’t happen as Modi is protecting him,“ Gandhi told reporters in New Delhi.Wednesday’s indictment accuses Adani and multiple subordinates of paying huge sums of more than $250 million in bribes to Indian officials for lucrative solar energy supply contracts.
The conglomerate’s renewable energy subsidiary acknowledged the charges against the tycoon and two other Adani Group board members in a brief statement. Modi’s government has yet to comment on the charges but a spokesman for his ruling Bharatiya Janata Party , Amit Malviya, said the indictment appeared to implicate opposition parties rather than his own.‘Fear of reprisal’
It claimed Adani Group had engaged in a “stock manipulation and accounting fraud scheme over the course of decades”. He saw his net worth shrink by around $60 billion in the two weeks following the release of the report and he is currently ranked by Forbes as the world’s 25th-richest person.Adani Group’s rapid expansion into capital-intensive businesses has also raised alarms in the past, with Fitch subsidiary and market researcher CreditSights warning in 2022 that it was “deeply over-leveraged.”
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