Indian billionaire Gautam Adani’s net worth dropped by over USD 10 billion on Thursday, November 21, following the issuance of an arrest warrant in the US by a judge, just hours after federal prosecutors accused him of running a USD 250 million bribery scheme in the country.
Tag: Adani bribery case
Adani Green scraps USD 600 million bond sale after promoter charged in alleged bribery case in US
Hours before the US prosecutors charged Gautam Adani and associates with participating in a scheme to pay over USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts, the firm sold a 20-year green bond in the US-investment-grade market.
US names Gautam Adani, others in USD 250 million bribery scheme
According to the indictment, between 2020 and 2024, the Adani and the others agreed to pay more than USD 250 million in bribes to Indian government officials to obtain lucrative solar energy supply contracts with the Indian government, which were projected to generate more than USD 2 billion in profits after tax over an approximately 20-year period.
