Tag: Sagar Adani

Indian entrepreneur Gautam Adani was considered the second richest Indian. A few years ago, his net worth was estimated at up to $90 billion. In 2023, US short-seller Hindenburg Research accused Adani of stock manipulation and fraud. On Nov 20, the U.S. DOJ and the SEC announced legal actions against Adani. The shares of his Adani Group imploded and massively reduced his net worth.

A federal indictment unsealed in the U.S. charges Indian billionaire Gautam S. Adani, 62, and seven senior executives with orchestrating a $250 million bribery scheme to secure Indian solar energy contracts and mislead U.S. investors. Allegations of bribery, fraud, and obstruction of justice now target one of the largest renewable energy projects globally.