How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
But there was a problem. Local power companies did not want to pay the prices the state company was offering, jeopardizing the deal, according to U.S. authorities. To save the deal, Adani allegedly decided to bribe local officials to persuade them to buy the electricity. That allegation is at the heart of U.S. criminal and civil charges unsealed on Wednesday against Adani, who is not currently in U.S. custody and is believed to be in India. His company, Adani Group, said the charges were "baseless" and that it would seek "all possible legal recourse." The alleged hundreds of millions of dollars in bribes promised to local Indian officials caught the attention of the U.S. Justice Department and Securities and Exchange Commission as Adani's companies were raising funds from U.S.-based investors in several transactions starting in 2021. This account of how the alleged scheme unfolded is drawn from federal prosecutors' 54-page criminal indictment of Adani and seven of his associate
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