Indian billionaire Gautam Adani has been charged by U.S. prosecutors for allegedly orchestrating a $265 million bribery and fraud scheme.
The accusations involve payments to Indian officials to secure renewable energy contracts, while misleading U.S. and global investors about the scheme.
Other executives, including his nephew, Sagar Adani, are also implicated.
Adani’s conglomerate has denied any wrongdoing, but the charges have caused significant stock declines across Adani Group companies.
The case has sparked political backlash in India, with opposition parties criticizing Adani’s ties to Prime Minister Narendra Modi.
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