The Adani Group, led by billionaire Gautam Adani, his nephew Sagar, and key executive Vneet Jaain have been charged by the US Department of Justice with securities fraud in an alleged scheme to pay USD 265 million in bribes to Indian officials. The charges do not include violations of the US Foreign Corrupt Practices Act (FCPA) as previously reported. Adani Green Energy Ltd, the company at the center of the allegations, has denied all charges and plans to defend itself through legal means.
Adani Group Faces Major Setback: US Charges of Securities Fraud
Background
The Adani Group, a multinational conglomerate led by billionaire Gautam Adani, has been embroiled in a string of controversies in recent months. The latest blow came on January 31st, 2023, when the US Department of Justice announced charges of securities fraud against the group.
Charges and Allegations
The charges allege that Adani Group, its chairman Gautam Adani, his nephew Sagar, and key executive Vneet Jaain engaged in a scheme to pay USD 265 million in bribes to Indian officials. The alleged bribes were paid to secure contracts and regulatory approvals for Adani's companies.
The charges do not include violations of the US Foreign Corrupt Practices Act (FCPA), which prohibits US companies and citizens from paying bribes to foreign officials. However, the US authorities have jurisdiction in this case due to the use of US banking channels to launder the bribe money.
Adani Group's Response
Adani Green Energy Ltd, the company at the center of the allegations, has vehemently denied the charges. The group has stated that it "will defend itself vigorously" through legal means.
Top 5 FAQs and Answers
1. What is the US charging Adani Group with?
The US is charging Adani Group, Gautam Adani, Sagar Adani, and Vneet Jaain with securities fraud, alleging that they paid bribes to Indian officials to secure contracts and approvals.
2. Why is the US charging Adani Group with securities fraud, but not FCPA violations?
The charges do not include FCPA violations because Adani Group is not a US company and Gautam Adani is not a US citizen. However, the US has jurisdiction due to the use of US banking channels to launder the bribe money.
3. Has Adani Group admitted to any wrongdoing?
Adani Green Energy Ltd has denied all charges and stated that it will defend itself through legal means.
4. What are the potential consequences for Adani Group if it is found guilty?
If found guilty, Adani Group could face significant fines, penalties, and reputational damage. The charges could also lead to criminal charges against the individuals involved.
5. Will Gautam Adani face prison time if convicted?
It is possible that Gautam Adani could face prison time if convicted of the charges. However, the likelihood and severity of any sentence will depend on the outcome of the trial and other factors.
The Indian government has stepped in to support its exporters amidst high tariffs imposed by the US. This includes providing assistance and facilitating access to domestic buyers for exporters. However, India may face challenges in the coming months with additional tariffs on Russian oil, impacting its export growth to the US.
After nearly four days of striking and thousands of passengers being stranded, the Canadian Union of Public Employees (CUPE) and Air Canada have reached a tentative agreement, bringing a halt to the strike. The airline plans to gradually resume flights starting Tuesday evening, but warns that it could take up to a week before operations return to normal. The deal, still to be ratified by union members, addresses key issues such as pay and hours, and is described as bringing "transformational change" for workers and the industry. Passengers are advised to only head to the airport if they have confirmed bookings.
Indian equity markets saw a positive start on Thursday, September 18, 2025 due to the US Federal Reserve's decision to cut interest rates by 25 basis points. The Sensex and Nifty indices opened with significant gains, with major tech companies like Infosys and HCL tech leading the pack. However, Bajaj Finance and other financial institutions faced some losses in the opening session. With Gift Nifty indicating a positive start and strong investments by Foreign and Domestic Institutional Investors, experts predict better market conditions in the coming days.
After nearly four days of cancelled flights and stranded passengers, Air Canada has reached a tentative agreement with the union representing its cabin crew. The company plans to resume operations gradually on Tuesday evening, but it could take a week for full service to resume. The deal, which still needs to be ratified by union members, includes "transformational change" for workers and the industry. Passengers are advised to only head to the airport if they have confirmed bookings.
The US Federal Reserve announced a 25 basis point cut in interest rates, which was widely expected by economists and investors. The decision was approved by a stronger than expected 11-1 vote, signaling unity within the central bank. The US markets reacted positively to the news, with the Dow Jones and Nasdaq trading higher. The impact of this rate cut on Indian markets is yet to be seen, but Nifty futures suggest a gap-up opening.
As VMS TMT Ltd. prepares to launch its initial public offering, the grey market premium for its mainboard issue is already showing signs of high demand. The company, which manufactures TMT Bars and deals in scrap and binding wires, is set to go public on Wednesday, September 17. With the GMP currently at Rs 23 per share, investors are estimating a potential listing gain of 23.23% per share. The company is offering 1.5 crore shares at a price band of Rs 94 to Rs 99 per share, with a minimum investment of Rs 14,850 for retail investors.
Despite President Trump's dismissal of a top Federal Reserve official, investors shrugged off concerns and pushed stocks higher. The Dow, S&P 500, and Nasdaq all finished the day in positive territory, with the Dow hitting a new record closing high. While the move to remove the official raises questions about the Fed's independence, investors are focused on upcoming economic indicators, including a report on inflation and highly anticipated earnings reports from tech giants like Nvidia. Meanwhile, the digital currency Bitcoin continues to struggle, dropping below $110,000 for the first time in two weeks.
In an effort to reduce reliance on China for key minerals used in advanced technologies, India is exploring partnership with a rebel group in Myanmar to secure rare earth samples. The Ministry of Mines has directed state-owned and private companies to collect samples from Kachin Independence Army-controlled mines and test them in domestic labs. This move comes in light of China's recent export restrictions on rare earth magnets, causing disruptions in global supply chains.
Oracle chairman Larry Ellison, who hails from the Bronx, has surpassed Tesla CEO Elon Musk as the richest person in the world with a net worth of $405 billion. This jump in wealth was reported by Barron's on Wednesday, putting Ellison ahead of Musk's net worth of $390 billion. This milestone marks a shift in the top spot amongst the world's wealthiest individuals.
The US Producer Price Index fell 0.1% in August, bucking expectations of a rise and indicating a potential slowdown in overall economic growth. The decline was driven by a slump in the cost of services, particularly within wholesalers and retailers. The news has led to a drop in Treasury yields and solidifies expectations of an interest rate cut by the Federal Reserve next week.