Gautam Adani, chairman of the Adani Group, and seven others, including his nephew Sagar Adani, have been indicted by US prosecutors for allegedly paying $265 million (Rs 2,029 crore) in bribes to Indian government officials. This was done to secure lucrative solar energy contracts with state electricity distribution companies, expected to generate over $2 billion in profits. The bribes were allegedly paid between 2020 and 2024, and US prosecutors said that this information was concealed from US banks and investors who invested billions in the solar energy project.

“Although the scam is linked to Indian officials, American law allows it to pursue corruption cases if they involve American investors or markets. Arrest warrants have also been issued in the US for Adani and his nephew”, said a Report.

Prosecutors will hand over those warrants to foreign law enforcement now.

The allegations come a year after US-based short seller Hindenburg Research’s accusation against Adani for alleged stock manipulation.

Adani is the second richest man in Asia after Mukesh Ambani. Both richest men are from India and are considered very close to Prime Minister Modi.