The US Securities and Exchange Commission (SEC) has formally accused Gautam Adani and his associates of a multi-billion dollar fraud scheme involving bribery and false statements. The charges allege that the Adani Group bribed Indian officials over $250 million to secure lucrative solar energy contracts. '
The SEC further claims that the group misled US and international investors about the bribery scheme during a 2021 bond offering. These actions, according to the SEC, led to significant financial gains for the Adani Group.
Both the US SEC and the US Attorney's Office for the Eastern District of New York have filed charges against the accused, seeking legal action for securities fraud and wire fraud. '
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