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America’s Department of Justice and the Securities and Exchange Commission have indicted Gautam Adani, his nephew Sagar Adani, and six others, alleging their involvement in paying $250 million in bribes to Indian officials and concealing the scheme from US investors. The allegations have been denied, citing a lack of evidence that the bribes were paid.
This comes within two years of allegations by Hindenburg, a New York-based short-seller. In January 2023, Hindenburg accused the Adani Group of stock manipulation and accounting fraud, claiming the group inflated its market value by using offshore funds. The Securities and Exchange Board of India
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