Indian businessman Gautam Adani, one of the world’s richest people, was charged by the U.S. on allegations of fraud.
Adani is accused of fooling investors by concealing that his company’s expansive solar energy project was backed by an alleged bribery scheme, The Associated Press reported. The federal indictment was unsealed Wednesday.
He was charged with securities fraud, as well as conspiracy to commit securities and wire fraud, according to the AP. The case involves one of Adani’s companies — Adani Green Energy Ltd. — and a different firm’s deal with the Indian government to sell 12 gigawatts of solar power.
The indictment also notes that the businessman, as well as co-defendants, are accused of representing their agreement to Wall Street investors in a positive light and making it seem legitimate, with investors putting down a decent amount of cash, totaling billions of dollars, on the project in recent years.
Simultaneously, according to AP’s reporting, an alleged bribery payment of around $265 million was planned to be made to officials back in India. The goal was to secure billions of dollars in lucrative contracts and finance.
Sean Hecker, a lawyer representing Adani’s nephew, declined to comment, according to the AP. The outlet also reported that legal representation was not listed for the billionaire and other attorneys did not immediately respond to requests for comment.
The Adani Group, a conglomerate owned by the defendant, issued a statement Thursday.
“Allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” they wrote.
The Associated Press contributed.
