Gautam Adani Arrested in New York on Bribery Charges
On November 20, 2024, Indian billionaire Gautam Adani, chairman of the Adani Group, was arrested in New York City alongside seven executives from his conglomerate. The U.S. Attorney’s Office in Brooklyn indicted Adani on charges of bribery, alleging a scheme to pay over $250 million to Indian government officials to secure infrastructure contracts in several Indian states, including Andhra Pradesh, Chhattisgarh, Odisha, Jammu & Kashmir, and Tamil Nadu. The charges also include concealing the scheme from American investors.
The arrest marks a significant development in the ongoing scrutiny of the Adani Group, which has faced allegations of cronyism, stock manipulation, fraud, and other controversies over the years. The multinational conglomerate, founded in 1988, operates in diverse sectors such as energy, infrastructure, mining, and defense. Despite its meteoric rise, the company has been embroiled in repeated accusations of political corruption and financial misconduct, partly due to Adani’s close ties to Indian Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP).
In 2023, the U.S.-based Hindenburg Research accused the Adani Group of stock manipulation and accounting fraud, leading to a massive drop in its market capitalization. The Supreme Court of India later dismissed calls for an extensive investigation, but the allegations have cast a long shadow on Adani’s business empire.
As of this latest development, Adani’s net worth is estimated at $57.7 billion, making him the second richest person in Asia. However, his arrest, combined with ongoing legal battles, poses serious questions about the future of his conglomerate and its global standing.
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November 20, 2024
