• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

SEC issues summons for Gautam Adani, nephew on bribery allegations

by November 25, 2024
written by November 25, 2024

The U.S. Securities and Exchange Commission has issued a summons to Indian billionaire Gautam Adani, indicted on U.S. bribery allegations related to a bombshell federal indictment against him, a court filing showed.

The SEC is suing the head of the Adani Group and his nephew Sagar Adani, alleging they engaged in hundreds of millions of dollars in bribes to help an Adani company while “falsely touting the company’s compliance with antibribery principles and laws in connection with a $750 million bond offering.”

The summons requires an answer within 21 days, according to the filing dated Wednesday in federal court in the Eastern District of New York. The SEC suit seeks unspecified monetary penalties and restrictions on the Adanis from serving as officers of listed companies.

Adani Group representatives did not immediately respond to a Reuters request for comment on Sunday.

The group has denied the criminal charges as “baseless”. The group CFO said the indictment is linked to one contract of Adani Green Energy that makes up some 10% of its business, and that no other firms in the conglomerate were accused of wrongdoing.

Federal prosecutors issued arrest warrants for Gautam and Sagar Adani, alleging they participated in a $265 million scheme to bribe Indian officials to secure power-supply deals.

Authorities said Adani and seven other defendants, including his nephew Sagar, agreed to bribe Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India’s largest solar power plant project.

The crisis is the second in two years to hit the ports-to-power conglomerate founded by Adani, 62, one of the world’s richest people. The fallout was felt immediately, as billions of dollars were wiped off the market value of Adani Group companies and Kenya’s president canceled a massive airport project with the group.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
3 things Dr. Oz can do as CMS administrator to help fix American health care
next post
PETA protests Biden turkey pardon with ‘Hell on Wheels’ display, subliminal messaging to make people go vegan

related articles

Cracker Barrel shares plummet after pushback on new...

August 22, 2025

Walmart boosts sales outlook as it says tariff...

August 21, 2025

How a ship that glides like a pelican...

August 21, 2025

Apple just landed a key win for the...

August 20, 2025

Best Buy launches third-party marketplace as it looks...

August 19, 2025

Group accused of using fake accounts to buy...

August 19, 2025

Playboy moving its headquarters to Miami Beach and...

August 17, 2025

Lyft co-founders to step down from ride-hailing firm’s...

August 16, 2025

Warren Buffett’s Berkshire Hathaway reveals new stake in...

August 16, 2025

Apple Watch getting redesigned blood oxygen feature following...

August 15, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Netanyahu gifts Fetterman a silver-plated beeper after he praised Israel’s Lebanon pager operation

    March 20, 2025
  • ‘Blatantly unconstitutional’: US judge temporarily blocks Trump’s ban on birthright citizenship

    January 23, 2025
  • Special Counsel Weiss blasts Biden in final Hunter prosecution report

    January 14, 2025
  • Senate advances Trump’s energy secretary nominee to final confirmation vote

    January 31, 2025
  • Holo Stock Analysis: Market Volatility and Future Forecasts

    September 3, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,789)
  • Investing (634)
  • Stock (894)

Latest Posts

  • Trump: Environmental Protection Agency eyeing to cut 65% of its staffers

    February 26, 2025
  • On air, ’60 Minutes’ reporter says ‘none of us is happy’ about changes that led top producer to quit

    April 28, 2025
  • Germany accuses Elon Musk of trying to interfere in its national elections

    December 30, 2024

Recent Posts

  • Here’s what happened during Trump’s 10th week in office

    March 29, 2025
  • Biden concludes foreign diplomacy in region where US influence overshadowed by China

    November 15, 2024
  • Dogecoin and Shiba Inu: Dogecoin finds support at 0.10600

    July 10, 2024

Editor’s Pick

  • Trump nominates pair to help lead DOJ, announces Federal Railroad Administration pick

    December 21, 2024
  • Bitcoin Rebounds to $83,404 Amid Renewed Investor Confidence

    April 21, 2025
  • Trump previously predicted Biden would pardon son Hunter

    December 2, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock