#gautam adani fraud case

[sharemarketinsider]

Gautam Adani’s U.S. Fraud Charges: Impact on Indian Markets and Global Investments

📉 What does Gautam Adani’s U.S. fraud indictment mean for global markets and India’s economy? A $34 billion market drop, accusations of bribery, and high stakes for investors—this case could reshape India's financial landscape.

👉 Read more to explore the risks, opportunities, and what’s next for the Adani Group!

[jasminewilson143]

Charges have been framed against Gautam Adani along with seven others in the $265 m bribery case.

Charges have been framed against Gautam Adani along with seven others in the $265 m bribery case. While the world watched with its breath bated, a US prosecution indictment of Gautam Adani, a tycoon and the chairman of the Adani Group, dominated all the interest. Many are fascinated because of the gravity of charges and the names against whom these are brought. So here is the detailed look into…

[news-buzz]

Indian billionaire Adani, 3 former executives of Canadian pension fund charged in fraud scheme News Buzz

Indian billionaire Gautam Adani, one of Asia’s richest men, may be facing his biggest challenge yet with an indictment by U.S. prosecutors for alleged fraud and bribery. But it’s unclear just how the case will affect his businesses and own future — as well as the Indian economy and government. On Friday, shares in some of the Adani Group’s companies began ticking back up after plunging a day…

[news365timesindia]

[ad_1] On Thursday, the Adani Group strongly refuted the bribery allegations against directors of Adani Green made by the US Department of Justice and the US Securities and Exchange Commission as baseless. Adani Group Spokesperson says, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, “the charges in the indictment are… pic.twitter.com/rSuxuHTFUo — ANI (@ANI) November 21, 2024 The Adani Group spokesperson, in an official statement, said all legal recourse will be taken. “The US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the statement read. The group further highlighted a key aspect of the legal proceedings, noting, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought. The Adani Group also reaffirmed its dedication to high governance, compliance, and transparency standards across its operations. The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners, and employees that we are a law-abiding organisation that is fully compliant with all laws.” Postponed The US Dollar-Denominated Bond Offerings Amid these allegations, Adani Green Energy informed stock exchanges that its subsidiaries have decided to defer their US dollar-denominated bond offerings. It said, “In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings.” US prosecutors had charged Gautam Adani and others in an alleged Solar Energy contract bribery case. A five-count criminal indictment has been unsealed in the United States District Court for the Eastern District of New York, charging prominent Indian executives, including the Chairman of the Adani Group, Gautam Adani, by linking them to an alleged bribery and fraud scheme. According to the US Attorney’s Office, Eastern District of New York, “A five-count criminal indictment was unsealed in federal court charging Gautam Adani, Sagar R. Adani, and Vneet S. Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from U.S. investors and global financial institutions on the basis of false and misleading statements.” The indictment also charges Ranjit Gupta and Rupesh Agarwal, former executives of a renewable-energy company with securities that had traded on the New York Stock Exchange (the U.S. Issuer), and Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra, former employees of a Canadian institutional investor, with conspiracy to violate the Foreign Corrupt Practices Act in connection with the alleged bribery scheme.     [ad_2] Source link

[news365times]

[ad_1] On Thursday, the Adani Group strongly refuted the bribery allegations against directors of Adani Green made by the US Department of Justice and the US Securities and Exchange Commission as baseless. Adani Group Spokesperson says, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, “the charges in the indictment are… pic.twitter.com/rSuxuHTFUo — ANI (@ANI) November 21, 2024 The Adani Group spokesperson, in an official statement, said all legal recourse will be taken. “The US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the statement read. The group further highlighted a key aspect of the legal proceedings, noting, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought. The Adani Group also reaffirmed its dedication to high governance, compliance, and transparency standards across its operations. The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners, and employees that we are a law-abiding organisation that is fully compliant with all laws.” Postponed The US Dollar-Denominated Bond Offerings Amid these allegations, Adani Green Energy informed stock exchanges that its subsidiaries have decided to defer their US dollar-denominated bond offerings. It said, “In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings.” US prosecutors had charged Gautam Adani and others in an alleged Solar Energy contract bribery case. A five-count criminal indictment has been unsealed in the United States District Court for the Eastern District of New York, charging prominent Indian executives, including the Chairman of the Adani Group, Gautam Adani, by linking them to an alleged bribery and fraud scheme. According to the US Attorney’s Office, Eastern District of New York, “A five-count criminal indictment was unsealed in federal court charging Gautam Adani, Sagar R. Adani, and Vneet S. Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from U.S. investors and global financial institutions on the basis of false and misleading statements.” The indictment also charges Ranjit Gupta and Rupesh Agarwal, former executives of a renewable-energy company with securities that had traded on the New York Stock Exchange (the U.S. Issuer), and Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra, former employees of a Canadian institutional investor, with conspiracy to violate the Foreign Corrupt Practices Act in connection with the alleged bribery scheme.     [ad_2] Source link

[adani-news]

According to Gautam Adani news, petitioners attempting to halt the continuing SEBI probe into claims made by Hindenburg Research had specific important requests dismissed by the Supreme Court.

[adanicase]

Regarding the Securities and Exchange Board of India’s (SEBI) inquiry into short-seller Hindenburg’s claims, the Adani Supreme Court’s hearing concluded with the postponement of a decision on several public interest cases that claimed contempt of court against the SEBI on November 24.

Chief Justice DY Chandrachud stressed in the Adani Supreme Court hearing that the report’s claims cannot be assumed to be genuine.

[freelawbydjure]

PIL in SC seeking SEBI inquiry against US short-seller firm, Hindenburg, for exploiting innocent investors: Adani case

A Public Interest Litigation (PIL) was filed by Advocate ML Sharma before the Supreme Court seeking a detailed investigation against Hindenberg (US-based short-selling firm) that accused Gautam Adnani (Indian Business Tycoon) of corporate fraud. On January 24, 2023, Hindenburg published their report in which they accused the Adani group of malpractices and manipulations in stock prices. These allegations were refused by the Adani group terming it as an attack against India whereas a US-based short seller stated that, “fraud cannot be obfuscated by nationalism”. 

Due to the Hindenburg report, shares of the Adani group deteriorated drastically whereas the petitioner Vishal Tiwari stated, “Lots of people who had the whole lifetime saving in such stocks gets a maximum setback due to fall in such shares with a huge amount of money getting into drain. Various instances of suicides and other life-taking incidences come up because of a such huge loss of money where lifesaving of individuals is invested in.” Moreover, the overall capitalization of Adani Group stocks was reduced to 51%, i.e, 9.31 lakh Crore.

Advocate Sharma urged in his appeal before the top court, a direction to the center as well as the Securities and Exchange Board of India (SEBI) to inquire against Hindenburg for exploiting lakhs of innocent investors.

Also Read: Legal Articles

[news365timesindia]

[ad_1] GG News Bureau New Delhi, 21st Nov. The Congress party on Thursday called for a Joint Parliamentary Committee (JPC) investigation into the alleged “Adani Mega Scam,” following charges against billionaire Gautam Adani by US prosecutors. The charges include bribery and fraud, where Adani is accused of orchestrating a scheme to bribe Indian government officials for favorable terms in solar power contracts. US authorities allege that between 2020 and 2024, Adani, his nephew Sagar, and others in the Adani Group paid over USD 250 million in bribes to secure contracts projected to generate over USD 2 billion in profits. The Securities and Exchange Commission (SEC) has filed a five-count indictment, including securities fraud and wire fraud conspiracies, accusing the Adanis of criminal activities carried out with the protection of the Indian government. Congress General Secretary Jairam Ramesh said the charges further vindicated the party’s demand for a JPC probe into the Adani Group’s activities. “The SEC’s actions highlight the failure of SEBI (Securities and Exchange Board of India) in investigating Adani Group’s violations, including the source of its investments and shell companies,” Ramesh stated in a post on X. Ramesh also emphasized that the Congress had previously raised concerns about the close ties between Prime Minister Narendra Modi and the Adani Group, alleging that the Prime Minister’s protection allowed the conglomerate to act with impunity. He reiterated that a credible investigation into the case was necessary, calling for the appointment of a new SEBI head to complete the securities law investigations and the formation of a JPC to probe the full extent of the scandal. The charges against Adani come as a blow to the conglomerate’s reputation, with US prosecutors accusing him and his associates of corrupt dealings in securing lucrative government contracts. The Adani Group has not yet responded to the allegations. The Congress also pointed out that the US authorities’ action against the Adani Group highlights the failure of Indian institutions, which they claim have been captured by the ruling Bharatiya Janata Party (BJP). The US case is seen as part of efforts to address foreign corruption involving companies with ties to US investors or markets. The Adani Group is a multinational conglomerate involved in various sectors, including ports, energy, and renewable energy. The post Congress Demands JPC Probe into Adani’s Alleged Bribery and Fraud Charges in US appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates. [ad_2] Source link

[news365times]

[ad_1] GG News Bureau New Delhi, 21st Nov. The Congress party on Thursday called for a Joint Parliamentary Committee (JPC) investigation into the alleged “Adani Mega Scam,” following charges against billionaire Gautam Adani by US prosecutors. The charges include bribery and fraud, where Adani is accused of orchestrating a scheme to bribe Indian government officials for favorable terms in solar power contracts. US authorities allege that between 2020 and 2024, Adani, his nephew Sagar, and others in the Adani Group paid over USD 250 million in bribes to secure contracts projected to generate over USD 2 billion in profits. The Securities and Exchange Commission (SEC) has filed a five-count indictment, including securities fraud and wire fraud conspiracies, accusing the Adanis of criminal activities carried out with the protection of the Indian government. Congress General Secretary Jairam Ramesh said the charges further vindicated the party’s demand for a JPC probe into the Adani Group’s activities. “The SEC’s actions highlight the failure of SEBI (Securities and Exchange Board of India) in investigating Adani Group’s violations, including the source of its investments and shell companies,” Ramesh stated in a post on X. Ramesh also emphasized that the Congress had previously raised concerns about the close ties between Prime Minister Narendra Modi and the Adani Group, alleging that the Prime Minister’s protection allowed the conglomerate to act with impunity. He reiterated that a credible investigation into the case was necessary, calling for the appointment of a new SEBI head to complete the securities law investigations and the formation of a JPC to probe the full extent of the scandal. The charges against Adani come as a blow to the conglomerate’s reputation, with US prosecutors accusing him and his associates of corrupt dealings in securing lucrative government contracts. The Adani Group has not yet responded to the allegations. The Congress also pointed out that the US authorities’ action against the Adani Group highlights the failure of Indian institutions, which they claim have been captured by the ruling Bharatiya Janata Party (BJP). The US case is seen as part of efforts to address foreign corruption involving companies with ties to US investors or markets. The Adani Group is a multinational conglomerate involved in various sectors, including ports, energy, and renewable energy. The post Congress Demands JPC Probe into Adani’s Alleged Bribery and Fraud Charges in US appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates. [ad_2] Source link