NEW YORK: An Indian businessman who is one of the world’s richest people has been indicted in the US on charges he duped investors in a massive solar energy project in his home country by concealing that it was facilitated by alleged bribery.
Gautam Adani, 62, was charged in an indictment unsealed Wednesday with securities fraud and conspiring to commit securities and wire fraud.
He is accused of defrauding investors who poured several billion dollars into the project by failing to tell them about more than $250 million in bribes paid to Indian officials to secure lucrative solar energy supply contracts.
Several other people connected to Adani, his businesses and the project were also charged.
Gautam Adani is a power player in the world’s most populous nation. He built his fortune in the coal business coal in the 1990s. His Adani Group grew to involve many aspects of Indian life, from making defense equipment to building roads to selling cooking oil.
In recent years, Adani has made big moves into renewable energy.
Last year, a US-based financial research firm accused Adani his company of “brazen stock manipulation” and “accounting fraud.” The Adani Group called the claims “a malicious combination of selective misinformation and stale, baseless and discredited allegations.”
The firm in question is known as a short-seller, a Wall Street term for traders that essentially bet on the prices of certain stocks to fall, and it had made such investments in relation to the Adani Group.
US charges billionaire Gautam Adani with defrauding investors, hiding plan to bribe Indian officials
https://arab.news/pnjha
US charges billionaire Gautam Adani with defrauding investors, hiding plan to bribe Indian officials
- Gautam Adani, 62, was charged in an indictment unsealed Wednesday with securities fraud
- Several other people connected to Adani, his businesses and the project were also charged
India, Arab League target $500bn in trade by 2030
- It was the first such gathering of India–Arab FMs since the forum’s inauguration in 2016
- India and Arab states agree to link their startup ecosystems, cooperate in the space sector
NEW DELHI: India and the Arab League have committed to doubling bilateral trade to $500 billion by 2030, as their top diplomats met in New Delhi for the India–Arab Foreign Ministers’ Meeting.
The foreign ministers’ forum is the highest mechanism guiding India’s partnership with the Arab world. It was established in March 2002, with an agreement to institutionalize dialogue between India and the League of Arab States, a regional bloc of 22 Arab countries from the Middle East and North Africa.
The New Delhi meeting on Saturday was the first gathering in a decade, following the inaugural forum in Bahrain in 2016.
India’s Foreign Minister S. Jaishankar said in his opening remarks that the forum was taking place amid a transformation in the global order.
“Nowhere is this more apparent than in West Asia or the Middle East, where the landscape itself has undergone a dramatic change in the last year,” he said. “This obviously impacts all of us, and India as a proximate region. To a considerable degree, its implications are relevant for India’s relationship with Arab nations as well.”
Jaishankar and his UAE counterpart co-chaired the talks, which aimed at producing a cooperation agenda for 2026-28.
“It currently covers energy, environment, agriculture, tourism, human resource development, culture and education, amongst others,” Jaishankar said.
“India looks forward to more contemporary dimensions of cooperation being included, such as digital, space, start-ups, innovation, etc.”
According to the “executive program” released by India’s Ministry of External Affairs, the roadmap agreed by India and the League outlined their planned collaboration, which included the target “to double trade between India and LAS to US$500 billion by 2030, from the current trade of US$240 billion.”
Under the roadmap, they also agreed to link their startup ecosystems by facilitating market access, joint projects, and investment opportunities — especially health tech, fintech, agritech, and green technologies — and strengthen cooperation in space with the establishment of an India–Arab Space Cooperation Working Group, of which the first meeting is scheduled for next year.
Over the past few years, there has been a growing momentum in Indo-Arab relations focused on economic, business, trade and investment ties between the regions that have some of the world’s youngest demographics, resulting in a “commonality of circumstances, visions and goals,” according to Muddassir Quamar, associate professor at the School of International Studies, Jawaharlal Nehru University.
“The focus of the summit meeting was on capitalizing on the economic opportunities … including in the field of energy security, sustainability, renewables, food and water security, environmental security, trade, investments, entrepreneurship, start-ups, technological innovations, educational cooperation, cultural cooperation, youth engagement, etc.,” Quamar told Arab News.
“A number of critical decisions have been taken for furthering future cooperation in this regard. In terms of opportunities, there is immense potential.”
