Adani Group owner and the country’s second richest industrialist Gautam Adani is once again in trouble. The ghost of Hindenburg had not yet completely gone away when another bad news came from America. Serious allegations have been leveled against Gautam Adani’s company in America. The sword of arrest is hanging over him. As soon as this news came, Adani’s shares fell like a pack of cards and Gautam Adani was out of the top 20 in the list of billionaires. Adani, who used to be at the second or third position in the list of billionaires, has reached the 25th position due to the news coming from America.
Adani slips in the list of billionaires
After the news of the US bribery scandal, there was such a sell-off in Adani’s shares that in a few hours the market cap of the Adani Group fell to Rs 2.53 lakh crore. Due to the fall in Adani’s shares and the collapse of the market cap, Gautam Adani’s wealth fell by $ 12 billion in a few hours. If seen in Indian rupees, the news from America has caused a dent of Rs 10,13,27,30,32,800 in Gautam Adani’s wealth. As soon as the wealth fell, Gautam Adani slipped in the list of billionaires. Gautam Adani, who was at number 17 before this news came in the Forbes Real Time Billionaire Index, slipped to 25th place. His wealth fell from $ 12 billion to $ 57.4 billion.
Adani’s shares in bad shape
The serious allegations against Adani in America and the news of the warrant fueled the sell-off in all Adani shares. Most of Adani’s shares crashed. Adani’s flagship company Adani Enterprises, Adani Ports saw a decline of up to 15 percent. Adani Power, Adani Green fell by 13 to 17 percent. Adani Energy Solution has plunged by 20 percent. ACC has fallen by more than 12 percent and Abuja Cement has fallen by 13 percent.
What is the allegation on Gautam Adani
Serious allegations have been made in America against Adani Group Chairman and the country’s second richest industrialist Gautam Adani. Adani and seven other people have been accused of bribery and fraud worth billions of dollars in America. Arrest warrants have been issued against Gautam Adani. Gautam Adani, his nephew Sagar Adani and 7 other people have been accused of giving a bribe of 250 million dollars i.e. about 2110 crores to Indian government officials for a contract related to solar energy.
Scheme made to bribe Indian government officials
The Bloomberg report also said that Sagar R Adani, Executive Director of Adani Green Energy, a company of the Adani Group, and the company’s Managing Director Vineet S Jain are also accused of breaking US law. According to the report, US Attorney Brian Peace of the Eastern District of New York has said in a statement that the defendants created a big scheme to bribe Indian government officials in the US to obtain contracts worth billions of dollars.
Conspiracy hatched to obstruct justice
Bloomberg reported that US officials were also investigating Gautam Adani’s behavior as well as whether the Adani Group was involved in bribery. The investigation also found that government officials in India were not paid unfairly to give favorable treatment to the energy project. US prosecutors said in their allegations that four other defendants destroyed electronic evidence and lied to representatives of the Department of Justice, the Securities and Exchange Commission and the US investigative agency FBI and conspired to obstruct justice. The Securities and Exchange Commission also filed a separate civil suit on Wednesday.
