Indian billionaire and Adani Group chairman Gautam Adani is facing charges in the United States.
The New York federal prosecutors have accused him of bribing company officials and misleading investors to raise funds.
Authorities have stated that cases have been registered against Gautam Adani, his relative Sagar Adani, and seven others.
Prosecutors allege that Adani and his subsidiaries offered approximately $265 million in bribes to Indian government officials to secure solar energy supply contracts worth $2 billion over 20 years.
Furthermore, they claim that the company disseminated false information to American and international investors to raise funds.
The New York prosecutors have charged Adani Green Energy with obtaining over $3 billion in loans and bonds from lenders and investors through fraudulent means.
Additionally, the Securities and Exchange Commission (SEC) has filed a civil case, accusing Adani Green Energy of violating US securities laws by raising over $175 million from American investors.
The regulator has called for an investigation, penalties, and sanctions on the company.
The Adani Group has yet to respond to these allegations.
