Shares of India's Adani Group companies plunged after its billionaire chair Gautam Adani was indicted in a New York federal court. The 62-year-old billionaire and the other defendants are accused of paying over $250 million in bribes to Indian government officials to secure solar energy contracts that could generate more than $2 billion in profits.

Being associated with a renewable energy venture is seen as benign and purposeful for the wealthy. But for India's second-richest man its turned into a legal nightmare.

Gautam Adani and others are accused in the New York indictment of paying Indian government officials $250 million to secure solar energy supply contracts.

Gautam Adani and his associates were accused of paying more than $250 million in bribes to obtain lucrative solar energy contracts.

Indian billionaire Gautam Adani has been indicted in New York for a multibillion-dollar fraud scheme and bribery.According to CNN, the US Department of Justice said on Wednesday, November 20, 2024, that the chairman of India’s Adani Group,

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.

Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world's richest people, could face a long road to trial in the U.S. on criminal charges over his alleged role in a multi-billion-dollar fraud and bribery scheme.