For the second time in two years, the Adani Group, one of India’s largest conglomerates, has been accused of criminal activity from the other side of the globe. The first barrage came from Hindenburg Research, a short-seller in New York which accused the group of fraud last year. The second came on November 20th, when federal prosecutors in New York filed a 54-page indictment against Gautam Adani, chairman of the group and one of India’s richest men, along with his nephew, Sagar Adani, and six others. The prosecutors allege that “senior executives and directors” engaged in a scheme “to pay over $250m in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice,” according to Lisa Miller, the deputy assistant attorney-general for the case.
Source: Business - economist.com
