GUWAHATI: Arrest warrants have been issued in the US for Gautam Adani and his nephew Sagar Adani and prosecutors plan to hand those warrants to foreign law enforcement. Gautam Adani has been indicted in New York over his role in a $265 million bribery scheme, according to reports citing US prosecutors.
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Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.
A judge has issued arrest warrants for Gautam Adani and Sagar Adani.
However, the Adani Group, in a statement, said that the allegations were "baseless and denied", adding that it would seek "all possible legal recourse".
Following the allegations, Adani Group stocks experienced a sharp decline. Adani Enterprises and Adani Energy dropped by 20% each, while other group companies, including Adani Green Energy and Adani Total Gas, also faced significant losses.
Adani's businesses, ranging from power and ports to sugar and soybeans, lost more than $150 billion in combined market value last year after US-based short seller Hindenburg Research accused his eponymous group of using offshore tax havens improperly. The group, which recouped some of the losses and now has a combined valuation of $141 billion, denied all of the allegations.