Both Gautam Adani and his nephew Sagar Adani face charges of a $260 million fraud related to a solar plant project
NEW YORK: (UrduPoint/Pakistan Point News-Nov 21st, 2024) Indian billionaire businessman Gautam Adani and his nephew have been formally indicted in the United States on charges of bribery and fraud, according to Indian media reports.
The US prosecutors stated that Gautam Adani and his nephew, Sagar Adani, face charges of a $260 million fraud related to a solar plant project.
Additionally, arrest warrants for Gautam Adani and Sagar Adani have been issued in the U.S. and are expected to be handed over to Indian diplomatic officials in the United States.
The reports suggested that Gautam Adani is currently in India, and there is a possibility he will be extradited to the U.S. to stand trial.
Gautam Adani is considered close to Indian Prime Minister Narendra Modi.
Forbes reported that Adani is among the 20 richest individuals globally, with a net worth of $57.6 billion. However, his wealth has seen a sharp decline of $12 billion (17.45%) in a single day.
