Sagar Adani, nephew of Gautam Adani, is amongst the others who’ve been dealing with allegation of fraud and bribery in the United States.
He with different co-defendants, has been charged by US prosecutors with allegedly paying over $250 million in bribes between 2020 and 2024 to Indian authorities officers to safe photo voltaic vitality contracts. These contracts have been believed to have the potential to generate greater than $2 billion in revenue.
Sagar Adani joined the Adani Group in 2015 after incomes his diploma in Economics from Brown University in the United States. He started his profession in the Projects division and is credited with growing the total photo voltaic and wind vitality portfolio of Adani Green Energy. Currently, he oversees organizational improvement and manages all strategic and monetary points of Adani Green Energy, in keeping with the data accessible on the Adani Group’s web site.
Arrest warrants have been issued in the US for Adani and his nephew Sagar, with prosecutors aspiring to ship these warrants to international regulation enforcement, in keeping with court docket data.
Following the latest charges towards the Adani Group, the shares and bonds of its corporations dipped on Thursday. Adani Green Energy, which is at the coronary heart of the allegations, additionally canceled a $600 million sale of U.S. dollar-denominated bonds.
In an announcement, the Adani Group claimed that the allegations have been “baseless and denied,” including that it could search “all possible legal recourse.”
