US investment bank Jefferies, which has been instrumental in helping Indian billionaire Gautam Adani's business empire raise capital, finds itself in a challenging position following US charges against Adani for an alleged $256 million bribery scheme. Jefferies' relationship with Adani has significantly boosted its presence in India, but the charges have led to internal debates about continuing this partnership. The situation is further complicated by other companies, like TotalEnergies, suspending investments with Adani due to the corruption probe. Jefferies has not commented on the charges but may reassess its future dealings with Adani.
Gautam Adani, a prominent Indian billionaire and ally of Prime Minister Narendra Modi, faces US fraud charges alleging a $250 million bribery scheme, impacting his $169 billion business empire. The allegations have led to a $34 billion loss in market value for Adani Group companies and raised concerns about the implications for India's economy and politics. Despite the charges, experts suggest that while Adani's global expansion plans may face hurdles, the broader US-India business relationship is unlikely to be significantly affected.
Gautam Adani, chairman of the Adani Group, and several associates have been indicted by New York federal prosecutors for allegedly orchestrating a scheme involving over $250 million in bribes to Indian government officials. The charges also include accusations of misleading investors and banks to secure billions of dollars and obstructing justice. This marks the second major accusation against the Adani Group in recent years, following fraud allegations by Hindenburg Research.
Indian billionaire Gautam Adani has been charged with fraud in the US, accused of orchestrating a $250 million bribery scheme to secure contracts for his renewable energy company. The charges have led to a significant drop in Adani Group's stock prices and halted a $600 million bond offering. The allegations follow a 2023 report by Hindenburg Research accusing the group of stock manipulation and fraud, which Adani denied. The case has sparked political controversy in India, with opposition leaders demanding action against Adani and questioning his ties to Prime Minister Narendra Modi.
Indian billionaire Gautam Adani and several executives have been indicted in New York for allegedly orchestrating a multi-billion-dollar fraud scheme involving bribery to secure solar energy contracts. The US Department of Justice claims Adani and others promised over $250 million in bribes to Indian officials, impacting Adani Group's stock value and sparking political controversy in India. The SEC has also charged Adani and others for misleading US investors, while Adani's reputation has been under scrutiny since a 2023 report by Hindenburg Research accused his group of stock manipulation and fraud.
The United States has charged Indian billionaire Gautam Adani with fraud related to a bribery scheme. The charges allege that Adani was involved in corrupt practices to secure business advantages. This development adds to the scrutiny faced by the Adani Group, a major conglomerate in India.
Indian billionaire Gautam Adani has been indicted by US federal prosecutors for allegedly orchestrating a bribery scheme to secure favorable solar power contracts in India, potentially profiting over $2 billion. The charges, which include securities fraud, involve Adani, his nephew, and executives from Adani Group and a Canadian pension fund. The scheme allegedly involved $250 million in bribes to Indian officials and was concealed from US investors. The indictment could reignite scrutiny on Adani Group, which has faced previous allegations of fraud.
Billionaire Gautam Adani has been indicted in New York for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts in India, which were expected to generate $2 billion in profits. The charges include securities fraud and conspiracy to commit securities and wire fraud. The US attorney's office and the SEC have accused Adani and two other executives of paying bribes to Indian officials and misleading US investors. Adani Group has not yet commented on the charges.
Gautam Adani, chairman of the Adani Group, along with two other executives, has been charged in a New York federal court with wire and securities fraud. The charges involve an alleged scheme to defraud investors by making false statements and bribing Indian officials to secure lucrative contracts. The U.S. Attorney's Office in Brooklyn announced the indictment, highlighting the international scope of the alleged fraud.
Gautam Adani's net worth surged to nearly $100 billion following a significant rally in Indian stock markets, driven by exit polls predicting a third term for Prime Minister Narendra Modi. Shares in Adani's companies saw substantial gains, with Adani Enterprises rising nearly 6.9% and Adani Power surging over 18%. This market boost added $8 billion to Adani's fortune, making him the world's 17th richest person and Asia's second wealthiest.
The Adani Group's credit profile has significantly improved as its net debt to Ebitda ratio has declined to 2.19 times in FY24, with cash reserves at an all-time high of Rs 59,791 crore. The group's credit ratings have seen substantial upgrades, and its diversified debt capital book shows balanced exposure to domestic and global markets. Chairman Gautam Adani highlighted the group's resilience and strong recovery, with market capitalization reaching Rs 17.94 lakh crore.
Billionaire Gautam Adani's wealth surged by $6 billion as shares of his 10 listed companies in the Adani Group soared following India's Supreme Court reserving its judgment on the Adani-Hindenburg saga. The court's direction to the Securities and Exchange Board of India (SEBI) to conclude its investigation, along with the chief justice's remarks discrediting Hindenburg's report, boosted investor sentiment. Adani's net worth now stands at $57.1 billion, making him the 23rd richest person globally. The Adani Group had previously denied the allegations of stock manipulation made by Hindenburg.
Indian billionaire Gautam Adani plans to transform Mumbai's Dharavi slum into a modern city hub, a challenging task that involves resettling its 1 million residents. Dharavi's growth dates back to the 1800s when migrants settled in the region and built huts in a haphazard manner. Previous attempts to redevelop Dharavi have failed, but in 2023, the state government awarded the project to Adani Group, which was contested by Dubai's SecLink consortium in a lawsuit.
Gautam Adani, the billionaire founder of Adani Group, lost $13 billion in net worth after a short-seller attack on his companies' stock prices. Adani's retreat from the stock market has caused a ripple effect in the Indian stock market, with other companies in the Adani Group also experiencing a decline in their stock prices. Despite the setback, Adani remains one of India's wealthiest individuals and continues to invest in various industries.
Press freedoms in India are being squeezed as conglomerates with close ties to Prime Minister Narendra Modi acquire media outlets. The latest acquisition is the hostile takeover of New Delhi Television by controversial magnate Gautam Adani, causing anxiety in the newsroom and the departure of network leaders. Amnesty International has flagged authorities' targeting of journalists, coupled with a broader crackdown on dissent that "has emboldened Hindu nationalists to threaten, harass and abuse journalists critical of the Indian government." The Indian government recently targeted the BBC, raiding its offices and accusing the British broadcaster of evading taxes after it released a documentary critical of Modi and alleged his responsibility in anti-Muslim violence.
