US authorities charge Indian billionaire over allegedly defrauding investors

The Justice Department on Wednesday unsealed an indictment against Indian billionaire Guatam Adani, accusing the businessman of defrauding investors involved in his company's solar energy project.

Adani, who is one of the richest men in the world, has been charged with securities fraud and conspiracy to commit securities and wire fraud in New York. 

U.S. authorities allege that Adani defrauded his investors by concealing that his solar energy project was being funded by an alleged bribery scheme, according to the Associated Press.

The U.S. also accused him of playing both sides of the deal by floating the program as legitimate to Wall Street investors, who invested billions in the project, while also allegedly planning to bribe Indian officials in exchange for billions of dollars in contracts and financing.

Sanjay Wadhwa, acting director of the Securities and Exchange Commission's Enforcement Division, said Gautam and his nephew Sagar Adani misrepresented themselves to investors by claiming that the company had a "robust anti-bribery compliance program," and that "the company’s senior management had not and would not pay or promise to pay bribes.”

Misty Severi is an evening news reporter for Just The News. You can follow her on X for more coverage.