News Today: Adani Chairman’s Fraud Allegations Rock Global Business Landscape

Indian billionaire Gautam Adani, head of the $169 billion Adani Group, faces fraud allegations in the United States. Federal prosecutors accuse Adani of orchestrating a $250 million bribery scheme and concealing it to raise funds in the U.S. The charges also involve bribing Indian officials to secure contracts worth $2 billion in profits over 20 years. Adani Group has dismissed these claims as “baseless.”

The fallout has been significant, with Adani Group losing $34 billion in market value, affecting its global projects and domestic operations. Key ventures, including a $600 million bond offering by Adani Green Energy, have been halted. Critics suggest these allegations could damage India’s political and economic landscape, given Adani’s close ties with Prime Minister Modi.

This crisis comes as Adani tries to rebuild his reputation after allegations by Hindenburg Research in 2023, which accused his group of stock manipulation and fraud. Although Adani denied those claims, the current charges pose challenges for his global expansion plans, particularly in the U.S., Kenya, and Bangladesh.

Opposition leaders in India, including Rahul Gandhi, have called for Adani’s arrest, citing the severity of the allegations. While U.S.-India business ties remain strong, the charges might strain relationships and delay Adani’s infrastructure ambitions. Adani’s legal team is expected to fight the charges vigorously as the case unfolds.