New Delhi: A US court has indicted Gautam Adani, his nephew Sagar Adani and six others for wire fraud conspiracies, schemes to defraud US investors, as well as agreeing to pay nearly $250 million in bribes to Indian government officials to strike solar energy deals.
Though the Adani Group has denied the allegations as “baseless”, the indictment, which has far-reaching implications for the conglomerate, and Indian business and politics, has raised a storm that will continue raging over the course of the judicial process against the business tycoon in the US.
Some of the first consequences of the indictment were felt Thursday, when the stock prices of the Adani Group companies plummeted and Leader of Opposition Rahul Gandhi demanded the arrests of the billionaire businessman and others involved in the matter from the Congress headquarters in New Delhi.
In Episode 1557 of Cut The Clutter, Editor-in-Chief Shekhar Gupta & Deputy Editor (Economy) Sharad Raghavan discuss the US laws that made the indictment possible, the charges against Adani and state officials, including a reference to former Andhra Pradesh CM Jagan Mohan Reddy, and the expected ramifications.
Also Read: Code name for Adani, PPT on bribes, cellphone notes on corrupt officials—Inside US indictment